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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 02, 2021 09:40 AM (EDT)
AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Tri-State Consumer Insurance Company (Tri-State) (Jericho, NY). These Credit Ratings (ratings) were under review with developing implications pending Tri-State’s merger with Stillwater Property and Casualty Insurance Company, which is a member of the Stillwater Insurance Group (Stillwater). The final approval for the merger was received from New York Department of Financial Services and the full merger was completed on Aug. 1, 2021. Tri-State ceased to exist as a legal entity and no final rating action was taken due to the merger. The ratings of Stillwater were not affected by this merger.
Tri-State was acquired by Stillwater as a strategic move by WT Holding, Inc., the ultimate parent of both companies, in an effort to improve process flow, reduce redundancies and to ensure greater integration throughout the organization. Tri-State is a mono-state personal lines insurer writing exclusively in downstate New York. Stillwater will continue to offer homeowners and auto insurance to Tri-State policyholders.
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 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.