What’s New: In Brief (August 27, 2008)

A.M. Best Co. has left unchanged its financial strength rating of B++ (Good) for the Hermitage Insurance Group and its lead member, Hermitage Insurance Company (Hermitage) (White Plains, NY), following the announcement that CastlePoint Holdings, LTD (Bermuda) [NASDAQ: CPHL] has entered into a definitive agreement to acquire Hermitage Insurance Group, Inc.
Hermitage Insurance Group Inc. is an insurance holding company ultimately owned by Brookfield Asset Management Inc. in Toronto. [NYSE: BAM; TSX: BAMA; EURONEXT: BAMA].
A.M. Best noted the outlook for these ratings remained positive in light of the acquisition.
The deal is subject to customary regulatory approvals and is expected to close in December 2008. ?

Ontario native Richard Scott, a professional golfer sponsored by the Insurance Brokers Association of Ontario (IBAO), recently boasted his most impressive performance of the season at the Jane Rogers Championship in Mississauga.
With three Canadian Men’s Amateur Titles under his belt, Scott, 24, is considered to be among the most promising young golfers in Canada. Aspiring to a spot on the PGA Tour, Scott has been sponsored by the insurance brokers since he turned professional in early 2007.
Scott has earned three Top-10 finishes on the Canadian Tour so far this year, including tying for fifth spot at the Canadian Tour Players Cup in Winnipeg. He tied for fifth again at the TELUS Edmonton Open in July.
“We’re proud that Richard is sporting the IBAO logo once again this season,” said IBAO CEO Randy Carroll. “And we look forward to having him join the broker community in September at some local golf events with which IBAO is involved.”