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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 28, 2016 02:02 PM (EDT)
A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of the members of Motorists Insurance Pool (Motorists) remain unchanged following the recent affiliation announcement with BrickStreet Mutual Insurance Company (BrickStreet). The outlook of the Credit Ratings (ratings) for the members of Motorists remains negative.
Motorists and BrickStreet announced the affiliation on Oct. 28, 2016. This is subject to regulatory approval with the transaction expected to close in July 2017. Senior management of both companies will be merged, allowing them to partner financially and operationally. For the members of Motorists, this affiliation 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 ratings.
The ratings remain unchanged for Motorists’ members: Consumers Insurance USA, Inc. (Murfreesboro,TN), Iowa American Insurance Company (De Witt, IO), Iowa Mutual Insurance Company (De Witt, IO), MICO Insurance Company (Columbus, OH), Motorists Commercial Mutual Insurance Company (Columbus, OH), Motorists Mutual Insurance Company (Columbus, OH), Phenix Mutual Fire Insurance Company (Concord, NH), and Wilson Mutual Insurance Company (Sheboygan, WI).
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.