A.M. Best Comments on the Planned Acquisition of Hermitage Insurance Group, Inc.

2008-08-27 23:37:01 -

www.ambest.com - A.M. Best Co. has commented that the financial strength rating (FSR) of B++ (Good) and issuer credit ratings (ICR) of "bbb+" of Hermitage Insurance Group and its lead member, Hermitage Insurance Company (Hermitage) (White Plains, NY), are unchanged following the announcement that CastlePoint Holdings, LTD (Bermuda) (NASDAQ: CPHL) has entered into a definitive agreement to acquire Hermitage Insurance

Group, Inc., an insurance holding company ultimately owned by Brookfield Asset Management Inc. (Toronto, Ontario, Canada) (NYSE: BAM; TSX: BAMA; EURONEXT: BAMA). The outlook for these ratings remains positive.

Concurrently, the FSR of B++ (Good) and ICR of "bbb+" of Kodiak Insurance Company (West Trenton, NJ), a wholly owned subsidiary of Hermitage, are unchanged. The outlook for both ratings remains stable.

The acquisition is subject to customary regulatory approvals and is expected to close in December 2008.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

A.M. Best Co.
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