A.M. Best. Co. has placed the rating of Echelon Property & Casualty Insurance Company under review with developing implications as the company seeks to be acquired by Guardian Insurance Co.
Oldwick, N.J.-based Best said action on the Chicago-headquartered Echelon's "B-minus (Fair)" financial strength rating follows the announcement that Lockhart Insurance Group of St. Thomas, Virgin Islands, plans to acquire 83 percent of Echelon's stock for $4.2 million. The deal is awaiting approval by the Illinois Division of Insurance. Lockhart sells insurance under the Guardian name.
Echelon's policyholders' surplus declined 83 percent from 2006 to 2007 to $404,459, according to an actuarial opinion obtained through Highline Data.
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