CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - APRIL 02, 2009 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B- (Fair) and issuer credit rating (ICR) of "bb-" of Farmers' Mutual Fire Insurance Company of Dug Hill (Dug Hill) (Manchester, MD). At the same time, A.M. Best has assigned a category NR-5 (Not Formally Followed) to the FSR and an "nr" to the ICR.
These rating actions follow the announcement that Dug Hill has merged with Windsor-Mount Joy Mutual Insurance Company (Windsor-Mount Joy) (Ephrata, PA). As part of the merger, Windsor-Mount Joy assumed all liabilities and obligations under and according to the terms of the policies issued by Dug Hill. As a result, policyholders of Dug Hill are now insured by Windsor-Mount Joy.
Windsor-Mount Joy's FSR of A (Excellent) and ICR of "a+" are unchanged by this transaction. The outlook for both ratings is stable.
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings & Analysis.
The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at Best's Credit Rating Methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.