CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - DECEMBER 03, 2003 12:00 AM (EST)
A.M. Best Co. has upgraded the financial strength ratings to A (Excellent) from B (Fair) of Iowa Mutual Insurance Company and Iowa American Insurance Company (both of De Witt, IA). The ratings have been removed from under review. The rating outlook is stable.
These rating actions follow the close on November 26, 2003, of the strategic alliance with Motorists Insurance Group (Columbus, OH). Under the agreement, Iowa Mutual and Iowa American have both become participants in Motorists Insurance Group's inter-company pool, retroactive to January 1, 2003, with Motorists having majority control of Iowa Mutual's and Iowa American's boards of directors.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.