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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - FEBRUARY 13, 2009 12:00 AM (EST)
A.M. Best Co. has assigned a financial strength rating of A (Excellent) and issuer credit ratings of "a" to AmFed National Insurance Company (AmFed National) and its wholly owned subsidiary, AmFed Casualty Insurance Company, both of which comprise AmFed Insurance Group. The outlook assigned to all ratings is stable. All the above companies are domiciled in Ridgeland, MS.
These rating actions follow the recent state approval of a 100% quota share agreement with AmFed National and its parent, Companion Property and Casualty Insurance Company, which is part of Companion Property and Casualty Group (both of Columbia, SC).
Those ratings reflect Companion Property and Casualty Group's solid capitalization, improved underwriting and operating performance, more favorable reserve development trends, as well as prudently managed geographic and product diversification initiatives through its "fee for service" business. The ratings also recognize the significant financial support and flexibility provided by Companion Property and Casualty Group's ultimate parent, Blue Cross and Blue Shield of South Carolina, which has contributed substantial amounts of capital in recent years in support of premium growth and expansion initiatives.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at
Best's 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.