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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MARCH 19, 2008 12:00 AM (EDT)
A.M. Best Co. has withdrawn the financial strength ratings (FSR) of A (Excellent) and issuer credit ratings (ICR) of "a" of Monroe Co-Op Insurance Company (Monroe) (Rochester, NY) and Allegany Insurance Group (Allegany Group) (Cuba, NY), and assigned a category NR-5 (Not Formally Followed) to both.
Allegany Co-Op Insurance Company (Allegany Co-Op) (Cuba, NY) completed its merger of Monroe into its operations in 2007. Allegany Co-Op and Monroe previously comprised the Allegany Group and were affiliated via the surplus note, reinsurance and expense sharing agreements. As part of the merger, Allegany Co-Op assumed all of the assets, liabilities, surplus and results of operations of Monroe.
Concurrent with this transaction, A.M. Best has affirmed the FSR of A (Excellent) and ICR of "a" of Allegany Co-Op. The outlook for both rating is stable.
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.