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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 29, 2015 11:21 AM (EDT)
A.M. Best has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a+” to MICA Risk Retention Group, Inc. (MICA RRG) (District of Columbia). The outlook assigned to the ratings is stable.
The ratings are reflective of MICA RRG’s strategic alliance with Mutual Insurance Company of Arizona (MICA), common board membership and the material explicit support provided by MICA through a 95% intercompany quota share reinsurance agreement. The ratings also consider the strategic role MICA RRG plays as an affiliate of MICA and the synergies provided by MICA via captive management services. Under this agreement, MICA provides MICA RRG with underwriting, claims handling, risk management, information technology, finance and accounting services. Other key functions provided include oversight for actuarial, audit and banking and investment management.
This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.
A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.