CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - NOVEMBER 12, 2009 12:00 AM (EST)
A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from B+ (Good) and issuer credit rating (ICR) to "a" from "bbb-" of Phenix Mutual Fire Insurance Company (Phenix Mutual) (Concord, NH). The ratings have been removed from under review with positive implications and assigned a stable outlook.
The ratings were placed under review with positive implications on April 29, 2009, following the announcement of the affiliation between Phenix Mutual and Motorists Mutual Insurance Company (Motorists Mutual), lead member of The Motorists Insurance Pool (both of Columbus, OH).
The upgrading of Phenix Mutual's ratings is supported by the inclusion of the company in the intercompany pooling agreement with The Motorists Insurance Pool. The FSR of A (Excellent) and ICR of "a" of Motorists Mutual are unchanged.
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings & Analysis.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at Best's Credit Rating Methodology.
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.