Best’s News & Research Service - June 28, 2016 11:54 AM (EDT)
A.M. Best Assigns Ratings to The Hanover Atlantic Insurance Company, Ltd.
- June 28, 2016 11:54 AM (EDT)
Oldwick //BestWire// - A.M. Best has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a” to The Hanover Atlantic Insurance Company, Ltd. (Hanover Atlantic) (Bermuda), which was created in April 2016. The ratings recognize the 100% reinsurance agreement between Hanover Atlantic and its parent, The Hanover Insurance Company (HIC). The outlook assigned to each rating is stable. Both companies are rating unit members of the Hanover Insurance Group Property and Casualty Companies (The Hanover).
Hanover Atlantic was formed to support HIC’s diversification efforts by expanding its excess and surplus (E&S) lines product offerings in the United States for its network of independent retail agents and brokers. The types of business written will include, but not limited to, property/casualty, fire, professional liability, directors and officers, and medical professional errors and omissions coverage.
Future positive rating actions could occur if The Hanover’s favorable risk-adjusted capitalization can be sustained and underwriting results improve. However, renewed pressure on The Hanover’s ratings could result from a return to unfavorable operating trends seen in prior years.
This press release relates to rating(s) that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page.
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