Best’s News & Research Service - April 11, 2023 08:36 AM (EDT)
AM Best Places Credit Ratings of United Frontier Mutual Insurance Company Under Review With Positive Implications
- April 11, 2023 08:36 AM (EDT)
Oldwick //BestWire// - AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of United Frontier Mutual Insurance Company (United Frontier) (Lockport, NY).
The Credit Ratings (ratings) were placed under review with positive implications based on an affiliation agreement that was executed on March 23, 2023. The affiliation, with common board control and shared resources, is expected to strengthen the company’s overall position as it is with a well-capitalized partner that has a larger balance sheet and working knowledge of United Frontier’s operating territory. AM Best has withheld the identity of the counterparty as the transaction remains confidential.
The under review status also considers strategic business initiatives that are expected to be implemented in the near term. The ratings will remain under review until the close of the transaction, including customary regulatory approvals, and AM Best evaluates post-transaction details.
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.