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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - NOVEMBER 29, 2007 12:00 AM (EST)
A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and assigned an issuer credit rating (ICR) of "a" to ICI Mutual Insurance Company (ICI) (Burlington, VT). The outlook for the FSR has been revised to stable from negative, and the outlook assigned to the ICR is stable.
The ratings reflect ICI's excellent capitalization, improved earnings profile and strong business expertise within the mutual fund market. The company underwrites fidelity bonds, NASD bonds, directors and officers and errors and omissions insurance for members and associate members of the Investment Company Institute. Investment Company Institute members include mutual fund and investment advisors and managers.
The revised outlook reflects A.M. Best's expectation that ICI will continue to generate strong earnings in the future, with previous mutual fund losses not expected to create any earnings drag going forward.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.