Press Release - FEBRUARY 15, 2018
A.M. Best Upgrades Credit Ratings of Granite Re, Inc.; Affirms Federated Mutual Insurance Company and Subsidiaries
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 15, 2018
The ratings reflect Federated’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
The rating actions for Granite reflect the execution of an inter-company pooling agreement under which the company will assume 2.0% participation in a pool led by its parent, Federated Mutual Insurance Company.
Federated provides a range of commercial and personal property/casualty coverages throughout the United States. Federated acquired Granite in 2017 to enhance its market position for serving commercial contractors and diversify product offerings.
This press release relates to Credit Ratings 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. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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