Press Release - OCTOBER 02, 2019

AM Best Affirms Credit Ratings of MAPFRE U.S.A. Corp.’s Main Insurance Subsidiaries


CONTACTS:
 Daniel Mangano
Financial Analyst
+1 908 439 2200, ext. 5547
daniel.mangano@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - OCTOBER 02, 2019
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of The Commerce Insurance Company (Webster, MA), the lead property/casualty member of the MAPFRE U.S.A. Group (MAPFRE U.S.A.), and the group’s remaining inter-company pooling members. The outlook of these Credit Ratings (ratings) is stable. See below for a list of the inter-company pooling members.

MAPFRE U.S.A. is owned by MAPFRE U.S.A. Corp., whose ultimate parent is Spain-based MAPFRE S.A. (MAPFRE).

The ratings reflect MAPFRE U.S.A.’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support provided by its parent company, MAPFRE. (For additional rating details, see May 23, 2019, press release.)

The FSR of A (Excellent) and the Long-Term ICRs of “a” have been affirmed with stable outlooks for The Commerce Insurance Company and the following MAPFRE U.S.A. inter-pooling members:


  • Citation Insurance Company

  • Commerce West Insurance Company

  • American Commerce Insurance Company

  • MAPFRE Insurance Company of Florida

  • MAPFRE Insurance Company

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.

AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry.


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