NOVEMBER 13, 2007 12:00 AM (EST)
A.M. Best Affirms and Assigns Ratings to Grange Insurance Group; Revises Outlook to Positive
(908) 439-2200, ext. 5731
(908) 439-2200, ext. 5665
(908) 439-2200, ext. 5644
(908) 439-2200, ext. 5378
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - NOVEMBER 13, 2007 12:00 AM (EST)
A.M. Best Co. has affirmed the financial strength rating (FSR) of B++ (Good) and assigned issuer credit ratings (ICR) of "bbb+" to Grange Insurance Group and its members, Grange Insurance Association and Rocky Mountain Fire & Casualty Company (both of Seattle, WA). The outlook for the FSR has been revised to positive from stable, and the outlook assigned to the ICRs is positive.
The ratings reflect Grange Insurance Group's solid capitalization and improved operating results due to its revised business strategies and risk reduction, especially in Southern California, and favorable market conditions. These positive rating factors are partially offset by Grange Insurance Group's volatile underwriting performance over the last five years and adverse loss and loss adjustment expense development in prior years. The outlook is based on the group's solid capitalization, established distribution network and long-term personal lines market presence in the Pacific Northwest, improved loss reserve adequacy and the expectation of continued favorable operating results.
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 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.