CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - DECEMBER 18, 2007 12:00 AM (EST)
A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and assigned an issuer credit rating (ICR) of "a" to IMT Insurance Company (IMT) (West Des Moines, IA).The outlook for the FSR has been revised to stable from positive, and the outlook assigned to the ICR is stable.
These rating actions reflect IMT's strong capitalization and favorable operating performance in recent years. The ratings also acknowledge the company's long-standing local market presence and solid agency relationships.
Partially offsetting these positive rating factors are IMT's above average expense structure and its geographic concentration, primarily in Iowa. The outlook is based on IMT's strong capitalization, the expectation of continued favorable performance and conservative operating strategy.
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.