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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 28, 2016 02:01 PM (EDT)
A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of the members of BrickStreet Mutual Insurance Group (BrickStreet). The under review status follows the announcement that BrickStreet has entered into an affiliation agreement with Motorists Mutual Insurance Company (Motorists), subject to regulatory approval. This transaction is expected to close in July 2017.
The under review with positive implications status reflects the potential financial and operational benefits that BrickStreet will derive from being affiliated with a larger (by premium), higher-rated organization. Senior management of both companies will be merged, allowing them to partner financially and operationally. For the members of BrickStreet, this affiliation also provides an opportunity for improved risk diversification and expanded agency distribution, as well as maintaining their individual brand.
A.M. Best will continue to monitor the progress of the transaction and ongoing performance of each rating unit and evaluate any developments and implications for impact to the Credit Ratings (ratings).
The ratings were placed under review with positive implications for the following BrickStreet members: BrickStreet Mutual Insurance Company (Charleston, WV), NorthStone Insurance Company (Harrisburg, PA), SummitPoint Insurance Company (Charleston, WV) and PinnaclePoint Insurance Company (Charleston, WV).
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.