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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 22, 2026 03:02 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the USD 35 million, 9.5% senior unsecured notes, due 2046, issued by Maine Mutual Group (Presque Isle, ME). The outlook assigned to the Credit Rating (rating) is negative.
Management plans to restructure a portion of its existing bank debt in an attempt to improve the efficiency and flexibility of the group’s capital structure through the issuance of the senior unsecured notes. A portion of the funding will be invested in technological advancements that will allow for a significant increase in automation and product/pricing enhancements at the operating company with the goal of future cost reductions. Furthermore, a portion of the proceeds will be utilized to support growth to maintain underwriting leverage ratios at acceptable levels.
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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.