Press Release - DECEMBER 21, 2016
A.M. Best Assigns Credit Ratings to Atlanta International Insurance Company; Upgrades Commercial Casualty Insurance Company
| ||Susan Molineux |
Senior Financial Analyst
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+1 908 439 2200, ext. 5224
Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 21, 2016
A.M. Best has assigned a Financial Strength Rating (FSR) of A++ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa+” to Atlanta International Insurance Company (AIIC) (headquartered in Omaha, NE). Concurrently, A.M. Best has upgraded the FSR to A++ (Superior) from B+ (Good) and the Long-Term ICR to “aa+” from “bbb-”of Commercial Casualty Insurance Company (CCIC) (Fort Wayne, IN). The outlook assigned to the Credit Ratings (ratings) of AIIC is stable, while the outlook of CCIC’s ratings remains stable.
The rating actions are the result of a change in business plan, whereby both companies, previously in runoff, will commence writing student accident and health insurance in 2017. The ratings are based upon the explicit support provided by an affiliate, their affiliation with Berkshire Hathaway Inc. [NYSE: BRK.A and BRK.B] and their strategic role to MedPro Group Inc. (MedPro), as they expand the group’s product offerings.
The explicit support provided by MedPro’s lead insurer, The Medical Protective Company (Medical Protective), is in the form of intercompany quota share agreements. These aforementioned agreements, along with implied support in the future, provide the basis for the ratings of Medical Protective being extended to AIIC and CCIC.
All remaining ratings of MedPro and its members are unchanged. (Please see A.M. Best’s press release dated July 21, 2016, for further information.)
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.
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