AM Best Places Credit Ratings of ECM Insurance Group Members Under Review With Positive Implications
- October 29, 2025 09:32 AM (EDT)
//BestWire// - AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Everett Cash Mutual Insurance Company (Everett Cash Mutual), 1st Choice Advantage Insurance Company, Inc. and American Reliable Insurance Company (Phoenix, AZ). These companies collectively comprise ECM Insurance Group (ECM). In addition, AM Best has placed under review with negative implications the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Ever-Greene Mutual Insurance Company (Ever-Greene), an affiliate of Everett Cash Mutual. All companies are domiciled in Everett, PA unless otherwise noted.
The Credit Ratings (ratings) of ECM and Ever-Greene have been placed under review following the announcement of a signed definitive agreement under which Old Republic Insurance Companies (Old Republic) will acquire ECM and its affiliated companies following its conversion to a stock company in a sponsored demutualization transaction. The transaction is expected to close in the second quarter of 2026, pending regulatory and policyholder approval.
The under review with positive implications status reflects the anticipated benefits and synergies that ECM is expected to gain from being part of Old Republic’s larger and more diversified platform. The transaction is also expected to strengthen ECM’s financial position.
The under review with negative implications status of Ever-Greene reflects the plan to merge this company into ECM as part of the demutualization and its license will be surrendered at that time.
The ratings will remain under review pending the completion of the transaction and until AM Best can fully evaluate the impact of the acquisition on ECM and Ever-Greene’s rating fundamentals.
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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) 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.