CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MAY 01, 2012 12:00 AM (EDT)
A.M. Best Co. has commented that the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of American Freedom Insurance Company (AFIC) (Chicago, IL) are unchanged following the sale of the company to Western National Mutual Insurance Company (WNMIC) (Edina, MN), the lead company of the Western National Insurance Group.
AFIC is a non-standard personal automobile writer in the metropolitan Chicago area that will continue to operate as a separate stand-alone entity with its current executive management and staff. As such, there will be no integration of AFIC’s accounting, claims or policy issuance systems since the company will operate autonomously outside of the Western National Insurance Group.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; and “Insurance Holding Company and Debt Ratings.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.