AUGUST 29, 2019 02:29 PM (EDT)
AM Best Withdraws Credit Ratings of Middle States Insurance Company, Inc.
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 29, 2019 02:29 PM (EDT)
The ratings of Middle States reflects its balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
AM Best notes the company’s year-to-date policyholder surplus grew to $5.7 million for 2019, marking a 1.3% increase from year-end 2018, and leverage ratios remained very low. While the company’s underwriting results exhibited high volatility during the past five years (2014-2018), its year-to-date 2019 combined ratio of 95.8 significantly outperformed 2018 (118.7). This is the result of milder weather activity. Middle States’ business profile remains limited due to its small presence in the Texas auto market, and single state and product concentration.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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