Best’s News & Research Service - December 08, 2023 04:23 PM (EST)
AM Best Places Credit Ratings of Mt. Morris Mutual Insurance Company Under Review With Developing Implications
- December 08, 2023 04:23 PM (EST)
Oldwick //BestWire// - AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Mt. Morris Mutual Insurance Company (Mt. Morris) (Coloma, WI).
The Credit Ratings (ratings) of Mt. Morris have been placed under review with developing implications due to several merger and affiliation agreements, which Mt. Morris is currently pursuing with town mutual insurers in Wisconsin. Altogether, the proceedings include five mergers as well as four affiliations. Mt. Morris and each respective town mutual insurance company have signed definitive agreements to solidify the transactions. All regulatory approvals have been received, and subject to customary closing conditions, all agreements are expected to close on Jan. 1, 2024.
The ratings will likely remain under review with developing implications pending successful execution of these agreements and until AM Best can fully assess the financial and operational impacts of these transactions on the company’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, 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.