AM Best has withdrawn the financial strength rating of A and the issuer credit rating of "a+" and assigned a category NR-5 (Not Formally Followed) to Valiant Insurance Company.

Effective October 1, Maryland Casualty Company sold Valiant to Bermuda's privately-held Ariel Holdings. Valiant was sold as a shell with all liabilities assumed by Zurich American Insurance Company. Valiant had been largely inactive since 2003 in anticipation of its sale.