(May 22 – 18:50 ET) – A.M. Best Co. has changed its ratings for several subsidiaries of Queensway Financial Holdings Ltd. It has switched the under review implications of North Pointe Insurance Co., Hermitage Insurance Co., Kodiak Insurance Co., Consolidated Property & Casualty Insurance Co. and Universal Fire and Casualty Insurance Co. to developing.

The ratings agency says this action follows the announcement that Queensway has been granted an Order by the Ontario Superior Court of Justice for the appointment of an interim receiver over the assets of Queensway. This interim receivership was sought in order to complete the previously announced transactions of sale involving all of Queensway’s active insurance subsidiaries in Canada and the United States.

The current financial strength ratings of the subsidiaries reflect A.M. Best’s opinion that these sales will be completed by the end of the third quarter. In the event the interim receivership is not successful in finalizing these sales, there will be a downward adjustment in all of the financial strength ratings. A.M. Best will continue to monitor the progress of these transactions.