FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 13, 2019 12:52 PM (EST)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Brickyard Insurance Company (Fort Wayne, IN), a newly added member of Midwest Insurance Group (Midwest). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of Midwest are being extended to Brickyard due to its strategic importance, geographic diversification, common management and sharing of operational capabilities. The new member provides licensing flexibility for the group to expand its focus into Indiana. Brickyard also receives explicit support through a guaranty agreement with the ultimate parent, Midwest Financial Holdings, LLC. The guarantee covers all financial obligations of Brickyard.
The ratings reflect Midwest’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.