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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MAY 15, 2007 12:00 AM (EDT)
A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and assigned an issuer credit rating (ICR) of "a-" to Illinois State Bar Association Mutual Insurance Company (Chicago, IL). The outlook for the FSR has been revised to positive from stable, while the outlook assigned to the ICR is positive.
These ratings reflect the company's strong operating performance, improved risk-adjusted capitalization, conservative operating strategy, adherence to high underwriting standards and aggressive claims management.
Offsetting these positive rating factors are the company's product and geographic concentration of risk, as well as the variability in accident year loss reserve development. The outlook is based on the company's solid financial position and sound operating fundamentals.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.