A.M. Best Removes Ratings of GMAC Insurance Group and Its Members from under Review; Assigns...

A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of ”a-“_of GMAC Insurance Group (GMACI) and its sixteen members, which are led by Motors Insurance Corporation (Southfield, MI). The outlook assigned to the ratings is negative. (See below for a detailed listing of the companies and ratings.) The ratings, which were placed under review on February 27, 2008, reflected A.M. Best's heightened concerns regarding the financial pressures experienced by GMACI's ultimate parent, GMAC LLC (GMAC). On April 8, 2008, A.M. Best retained the under review status based on GMAC's announced restructuring plan. (Please see press releases of February 27, 2008 and April 8, 2008 at www.ambest.com.) The plan contemplated a dividend... [read full story]