CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - FEBRUARY 11, 2008 12:00 AM (EST)
A.M. Best Co. has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit rating (ICR) to "a-" from "bbb" of First Marine Insurance Company (First Marine) (Osage Beach, MO). The ratings have been removed from under review with positive implications and assigned a positive outlook.
The rating upgrades reflect First Marine's improved financial flexibility as a result of its recently completed acquisition by American Modern Home Insurance Company (Amelia, OH), a member of American Modern Insurance Group (Cincinnati, OH). The positive outlook is based on A.M. Best's expectation that First Marine will be added to American Modern Insurance Group's pooling agreement in the near term.
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.