|Jieqiu Fan |
Senior Financial Analyst
+1 908 439 2200, ext. 5372
+1 908 439 2200, ext. 5477
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 22, 2022 12:54 PM (EST)
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to West Virginia Mutual Insurance Company (WVMIC) (Charleston, WV). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect WVMIC’s inclusion as a member company under MAG Mutual Holding Company (MAG Mutual), which has a consolidated balance sheet strength of strongest, as well as adequate operating performance, a neutral business profile and appropriate enterprise risk management.
The ratings also reflect the explicit support provided to WVMIC through the implementation of a reinsurance pooling agreement with MAG Mutual Insurance Company, the lead company of MAG Mutual.
WVMIC has been a wholly owned subsidiary of MAG Mutual since Nov. 1, 2020, and currently underwrites medical professional liability insurance for physicians and physician networks in West Virginia.
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.