OCTOBER 04, 2017 10:25 AM (EDT)
A.M. Best Upgrades Credit Ratings of Subsidiaries of American Family Mutual Insurance Company, S.I.
|Daniel Heitlinger |
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Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 04, 2017 10:25 AM (EDT)
A.M. Best has upgraded the Financial Strength Ratings to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” from “a-” of General Automobile Insurance Company, Inc. (GAIC), Permanent General Assurance Corporation (PGAC), and Permanent General Assurance Corporation of Ohio (PGACOH). The outlook of these ratings has been revised to stable from positive. These companies are wholly owned subsidiaries of American Family Mutual Insurance Company, S.I. All companies are domiciled in Madison, WI.
These Credit Ratings (ratings) reflect the role GAIC, PGAC, and PGACOH have as members of the American Family Insurance Group. Factors supporting this relationship are common ultimate ownership and management along with a strategic alignment across the organization. In addition, explicit support is provided to GAIC, PGAC, and PGACOH through their participation in a quota share reinsurance agreement with American Family Mutual Insurance Company, S.I.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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