A.M. Best Withdraws Ratings of Harleysville-Atlantic Insurance Company and Harleysville Insurance Company of Ohio
21 January 2012 - 2:07AM
Business Wire
A.M. Best Co. has withdrawn the financial strength rating
(FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of
Harleysville-Atlantic Insurance Company
(Harleysville-Atlantic) (Atlanta, GA) and Harleysville Insurance
Company of Ohio (Harleysville Ohio) (Columbus, OH), following
their December 31, 2011 merger with and into Harleysville
Worcester Insurance Company (Harleysville Worcester).
These rating actions follow A.M. Best’s confirmation that both
Harleysville-Atlantic and Harleysville Ohio have been merged into
Harleysville Worcester, a subsidiary of Harleysville Group,
Inc. (HGIC) (NASDAQ: HGIC). Subsequent to the merger, the
surviving entity, Harleysville Worcester, assumed the respective
pooling percentage of the merged companies. The operations of
Harleysville Worcester remain unchanged post merger with no impact
to policyholders. All companies are headquartered in Harleysville,
PA, unless otherwise specified.
On September 30, 2011, A.M. Best placed the FSR of A (Excellent)
and ICRs of “a” of Harleysville Mutual Insurance Company
(Harleysville Mutual) and its subsidiaries under review with
positive implications reflecting HGIC’s discussions with
Nationwide Mutual Insurance Company (Nationwide Mutual)
(Columbus, OH), a significantly larger and higher rated
organization, to merge Harleysville Mutual into Nationwide Mutual.
At the same time, A.M. Best placed the FSR of A- (Excellent) and
ICR of “a-” of Harleysville Life Insurance Company
(Harleysville Life) under review with developing implications.
These ratings will remain under review until A.M. Best meets with
management and discusses the strategic plan for Harleysville Life
going forward.
The principal methodology used in determining these ratings is
Best’s Credit Rating Methodology -- Global Life and Non-Life
Insurance Edition, which provides a
comprehensive explanation of A.M. Best’s rating process and
highlights the different rating criteria employed. Additional key
criteria utilized include: “Risk Management and the Rating Process
for Insurance Companies”; “Understanding BCAR for Property/Casualty
Insurers”; “Rating Members of Insurance Groups”; “A.M. Best’s
Ratings & The Treatment of Debt”; “Understanding BCAR for
Life/Health Insurers”; and ”Equity Credit for Hybrid Securities.”
Methodologies 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. For
more information, visit www.ambest.com.
Copyright © 2012 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
Harleysville (NASDAQ:HGIC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Harleysville (NASDAQ:HGIC)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Harleysville Grp. Inc. (MM) (NASDAQ): 0 recent articles
More A.M. Best Co. News Articles