KMG America Corp. says it has hired an investment bank to negotiate with potential acquirers and merger partners because of a recent rating move.
KMG, Minneapolis, is the parent of Kanawha Insurance Company.
A.M. Best Company Inc., Oldwick, N.J., announced that it was changing the outlook on its A minus financial strength rating on Kanawha to “negative,” from “stable.”
The possibility that the operating company’s rating could decline may interfere with its efforts to operate in certain markets, the company says.
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