Best’s News & Research Service - January 18, 2017 02:31 PM (EST)
A.M. Best Removes From Under Review and Upgrades Credit Ratings of Maxum Indemnity Company and Maxum Casualty Insurance Company
- January 18, 2017 02:31 PM (EST)
Oldwick //BestWire// - A.M. Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “aa-” from “a-” of Maxum Indemnity Company and Maxum Casualty Insurance Company (together known as the Maxum companies) (both headquartered in Alpharetta, GA). The Maxum companies were acquired by The Hartford Financial Services Group, Inc. (The Hartford) [NYSE:HIG] on July 29, 2016. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect the 100% quota share reinsurance agreement recently executed between each of the Maxum companies and Hartford Fire Insurance Company (Hartford Fire). Hartford Fire is a rating group member of the Hartford Insurance Pool. The Hartford is an insurance holding company that provides personal and commercial property and casualty insurance, group benefits and mutual funds through its subsidiaries.
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.
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