Best’s News & Research Service - February 15, 2023 04:40 PM (EST)
AM Best Withdraws Credit Ratings of The Hanover New Jersey Insurance Company
- February 15, 2023 04:40 PM (EST)
Oldwick //BestWire// - AM Best has withdrawn the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of The Hanover New Jersey Insurance Company (HNJI) (headquartered in Worcester, MA).
AM Best has withdrawn the Credit Ratings (ratings) of HNJI, as the company was sold on Feb. 9, 2023, and is no longer a subsidiary of The Hanover Insurance Group, Inc. HNJI has been dormant for a considerable amount of time, having last written meaningful direct premium in 2010 under a 100% reinsurance arrangement with its parent, The Hanover Insurance Company.
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.