CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 14, 2016 03:56 PM (EST)
A.M. Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A- (Excellent) from B+ (Good) and the Long-Term Issuer Credit Rating to “a-” from “bbb-” of Standard Property & Casualty Insurance Company (Standard) (Springfield, IL). Standard, formerly known as Standard Mutual Insurance Company, was demutualized and acquired by National General Holdings Corp. (NGHC) [NASDAQ:NGHC] on Oct. 7, 2016. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect the recent approval of Standard’s participation in a pooling arrangement led by its affiliate, Integon National Insurance Company (Integon National). Standard and Integon National are rating unit members of the National General Group and subsidiaries of NGHC. NGHC is a personal lines insurance holding company, providing a variety of products through its subsidiaries. These include personal and commercial automobile insurance, recreational and motorcycle insurance, supplemental health insurance products and other niche insurance offerings.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.