FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 24, 2023 09:23 AM (EST)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a-” (Excellent) of MDAdvantage Insurance Company of New Jersey (MDAdvantage) (Lawrenceville, NJ). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of MDAdvantage were previously placed under review with positive implications in August 2022, following the announcement that it had entered into a definitive agreement to be acquired by MAG Mutual Insurance Company. The ratings action reflects the completed acquisition effective Jan. 1, 2023 and MDAdvantage’s inclusion as a member company under the MAG Mutual Holding Company (MAG Mutual) rating unit, which has a consolidated balance sheet strength level of strongest, as well as adequate operating performance, a neutral business profile and appropriate enterprise risk management.
MDAdvantage is considered part of the MAG Mutual rating unit based on operational support, strategic importance to the group’s strategy and explicit support provided through an intercompany reinsurance pooling agreement. MDAdvantage is fully owned by MAG Mutual and the parent maintains full management control for the company.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.