JUNE 16, 2010 12:00 AM (EDT)
A.M. Best Places Ratings of Hingham Group Under Review With Positive Implications
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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JUNE 16, 2010 12:00 AM (EDT)
A.M. Best Co. has placed under review with positive implications the financial strength rating of B (Fair) and issuer credit rating of "bb" of The Hingham Group following the recent announcement that it has entered into an affiliation agreement with NLC Insurance Companies (NLC). Subsequent to this affiliation, Hingham Group will participate in the intercompany pooling agreement led by New London County Mutual Insurance Company (New London).
Hingham Group consists of Hingham Mutual Fire Insurance Company (Hingham, MA) and its subsidiaries. NLC consists of New London and its wholly owned subsidiary, Thames Insurance Company, Inc. (both of Norwich, CT).
The ratings of Hingham Group will remain under review pending further discussions with management, along with policyholder and regulatory approval, with a final closing expected in third quarter 2010.
Hingham Group writes homeowners, dwelling fire and, through a majority-owned subsidiary, private passenger automobile insurance products in New England.
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 that 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.