Best’s News & Research Service - February 12, 2008 03:40 PM (EST)
A.M. Best Upgrades Ratings of American Mining Insurance Company
OLDWICK, N.J. //BestWire// - A.M. Best Co. has upgraded the financial strength rating (FSR) to A+ (Superior) from A- (Excellent) and the issuer credit rating (ICR) to “aa-” from “a-” of American Mining Insurance Company (American Mining) (Birmingham, AL). The ratings have been removed from under review with positive implications and assigned a stable outlook.
In fourth quarter 2007, W. R. Berkley Corporation (W.R. Berkley) (Greenwich, CT) [NYSE:BER], through its subsidiary, Berkley Regional Insurance Company (BRIC) (Wilmington, DE), acquired CGH Insurance Group (CGH), the parent of American Mining. The upgrades reflect American Mining’s becoming a group member of Berkley Regional Group , the financial support and resources provided by BRIC, as well as the ultimate parent, W.R. Berkley, American Mining’s improved underwriting performance and its niche market presence providing workers’ compensation for mining risks.
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