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APRIL 01, 2021 05:03 PM (EDT)

AM Best Comments on Credit Ratings of GuideOne Insurance Companies’ Members Following Reorganization Announcement


CONTACTS:
 Joni Cerbone, CPA
Senior Financial Analyst
+1 908 439 2200, ext. 5726
joni.cerbone@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, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - APRIL 01, 2021 05:03 PM (EDT)
AM Best has commented that the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of GuideOne Mutual Insurance Company (West Des Moines, IA) and its wholly owned subsidiaries, collectively referred to as GuideOne Insurance Companies (GuideOne), are unchanged by the announced reorganization of its corporate structure to a mutual holding company, effective April 1, 2021. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).

The conversion to GuideOne Mutual Holding Company has been approved by GuideOne’s board of directors, policyholders and the Iowa Department of Insurance.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” with stable outlooks remain unchanged for the following subsidiaries of GuideOne Mutual Insurance Company:


  • GuideOne Specialty Mutual Insurance Company

  • GuideOne America Insurance Company

  • GuideOne Elite Insurance Company

  • GuideOne National Insurance Company

  • GuideOne Property & Casualty 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 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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.


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