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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 15, 2020 12:44 PM (EDT)
AM Best has revised the under review status to developing from negative for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Tri-State Consumer Insurance Company (Tri-State) (Jericho, NY).
The change in the under review status for the Credit Ratings (ratings) of Tri-State reflects a strategic shift at the ultimate parent, WT Holdings, Inc. As a result of a strategic review, Tri-State will merge into an affiliate, Stillwater Property and Casualty Insurance Company, which is a member of the Stillwater Insurance Group. Stillwater will continue to offer homeowners and auto insurance to Tri-State policyholders after the merger. The merger is subject to regulatory approval, WT Holdings expects to complete the merger prior to the end of 2020. The ratings will remain under review until the completion of the merger. The ratings of Stillwater Insurance Group are not affected by this merger.
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 Guide to 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, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.