What’s New: In Brief (July 17, 2007)

Transportation Property & Casualty Co., Inc. (TPCC) has been assigned a financial strength rating of A- (Excellent) by A.M. Best & Co.
These ratings are the first to be assigned to a Canadian captive insurance company domiciled in Burnaby, British Columbia.
These ratings are based on TPCCs excellent capitalization and operating performance and favourable profile as part of the Greater Vancouver Transportation Authority and BC Transit, an A.M. Best release says.
Partially offsetting some of the positive rating factors are the companys relatively small scale of operations and its dependence on reinsurance to participate in its shareholders high excess coverage limits.

Keystone Automotive Industries Inc, an aftermarket collision parts supply company with both US and Canadian distribution, has merged with LKQ Corporation, an automotive parts recycler.
LKQ will acquire Keystone for an approximate aggregate price of $811 million [approximately Cdn$847 million], a Keystone release says.
The merger is expected to close early in 2007 Q4, subject to the approval of Keystones shareholders, regulatory approvals and other customary conditions.
Keystones board of director has unanimously approved the deal, and will suggest that shareholders follow suit.
The Keystone-LKQ merger presents unique opportunities to provide a comprehensive program of aftermarket, remanufactured and recycled parts to our customers, and we look forward to realizing these opportunities, Rick Keister, Keystone’s president and chief executive officer, said in a statement.