Best’s News & Research Service - October 13, 2023 10:07 AM (EDT)
AM Best Comments on Credit Ratings of Integris Group’s Members Following Announced Acquisition of MedMal Direct Insurance Co.
- October 13, 2023 10:07 AM (EDT)
Oldwick //BestWire// - AM Best has commented that the Credit Ratings (ratings) of Integris Insurance Company (Glastonbury, CT) and its sponsored risk retention group company, Integris Risk Retention Group, Inc. (District of Columbia) (collectively referred to as Integris Group) remain unchanged following the announcement that it has agreed to acquire MedMal Direct Insurance Company (MDIC) (Jacksonville, FL). The transaction is subject to regulatory approval and approval from the shareholder of MDIC’s parent company, Physician Trust, Inc (PTI), and is expected to close by late December 2023.
On Oct. 11, 2023, Integris Group announced that it had agreed to acquire 100% of the stock of MDIC and its agency, CorePro Insurance, from PTI.
AM Best anticipates Integris Group will continue to maintain supportive risk-adjusted capitalization and overall balance sheet strength, which is assessed by AM Best as strongest, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects Integris Group’s operating performance to continue to be assessed at marginal, with some moderate concerns that the group’s underwriting results could deteriorate from the pending acquisition. The group’s limited business profile and appropriate enterprise risk management assessments are not expected to be impacted by the transaction.
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.