Citing residential mortgage sector problems plaguing the parent company of Balboa Insurance Group, A.M. Best Co. put the insurer's financial strength rating of "A" (excellent) under review yesterday.

Residential mortgage lender Countrywide Financial Services, based in Calabasas, Calif., is the parent of Balboa Insurance Group and Newport E&S Insurance Company, which also had its Best's "A" rating put under review with negative implications.

Balboa Insurance Group, headquartered in Irvine, Calif., has three property-casualty insurance operating units–Balboa Insurance Company, Meritplan Insurance Company and Newport Insurance Company–that are now under review by Oldwick, N.J.-based A.M. Best, along with Plano, Texas-based Newport E&S.

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