Best’s News & Research Service - December 14, 2017 10:47 AM (EST)
A.M. Best Places Credit Ratings of Midrox Insurance Company Under Review with Positive Implications
- December 14, 2017 10:47 AM (EST)
Oldwick //BestWire// - A.M. Best has placed under review with positive implications the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” of Midrox Insurance Company (Midrox) (Roxbury, NY).
The under review status follows a signed 100% quota share reinsurance agreement between Mid-Hudson Co-Operative Insurance Company (Mid-Hudson) (Montgomery, NY) and Midrox, anticipated to be effective Jan. 1, 2018, following state approval. Additionally, Mid-Hudson has assumed board control of Midrox with the majority of board members represented by Mid-Hudson. The reinsurance agreement is expected to improve the financial position of Midrox due to the implicit support from Mid-Hudson.
A.M. Best expects the ratings to remain under review until the contract is approved by the New York Department of Financial Services and A.M. Best undergoes a complete analysis of the transaction.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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