AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Consolidated National Insurance Company (CNIC) (Littleton, CO).

The Credit Rating (rating) action follows the announcement that Everspan Insurance Company has entered into a stock purchase agreement with Hagerty Insurance Holdings, Inc. to sell all of the issued and outstanding capital stock of CNIC. The transaction is subject to customary regulatory approvals and is expected to close in the second or third quarter of 2024. AM Best will continue to monitor the transaction through closing and potentially take rating action should any factor associated with the deal change materially.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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