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FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 26, 2017 09:10 AM (EST)
A.M. Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” for the members of the Meadowbrook Insurance Group, which operate under an intercompany reinsurance pooling agreement. (See below for a listing of the companies.) The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Meadowbrook’s adequate capitalization and improved operating results following significant adverse loss reserve development in calendar years 2012 and 2013. The latter has largely been addressed by securing an adverse development cover for these reserves. Since Nov. 15, 2016, Meadowbrook’s new executive team has taken steps to improve underwriting results and develop a sustainable long-term business plan. A.M. Best will continue monitoring the new team’s progress against its plan. Sustained, favorable long-term operating performance remains a key rating factor going forward.
The FSRs of B++ (Good) and Long-Term ICRs of “bbb+” have been affirmed with a stable outlook for the following members of the Meadowbrook Insurance Group:
• Star Insurance Company
• Century Surety Company
• Savers Property and Casualty Insurance Company
• ProCentury Insurance Company
• Williamsburg National Insurance Company
• Ameritrust Insurance Corporation
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.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.