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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - FEBRUARY 12, 2008 12:00 AM (EST)
A.M. Best Co. has upgraded the financial strength rating (FSR) to A+ (Superior) from A- (Excellent) and the issuer credit rating (ICR) to "aa-" from "a-" of American Mining Insurance Company (American Mining) (Birmingham, AL). The ratings have been removed from under review with positive implications and assigned a stable outlook.
In fourth quarter 2007, W. R. Berkley Corporation (W.R. Berkley) (Greenwich, CT) [NYSE:BER], through its subsidiary, Berkley Regional Insurance Company (BRIC) (Wilmington, DE), acquired CGH Insurance Group (CGH), the parent of American Mining. The upgrades reflect American Mining's becoming a group member of Berkley Regional Group , the financial support and resources provided by BRIC, as well as the ultimate parent, W.R. Berkley, American Mining's improved underwriting performance and its niche market presence providing workers' compensation for mining risks.
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.