CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MAY 16, 2007 12:00 AM (EDT)
A.M. Best Co. has commented that the ratings of Alliance Mutual Insurance Company (Alliance) (Greensboro, NC) remain unchanged following the recent announcement that United Heritage Financial Group, Inc. (UHFG) (Idaho) will be acquiring Alliance.
UHFG and Alliance have executed a preliminary agreement. The transaction, which will include Alliance's conversion from a mutual association to a stock company, is subject to regulatory approval and the approval of Alliance's members. The demutualization is expected to be completed before the end of the year, closely followed by the transaction. A.M. Best will monitor the progress of this transaction going forward.
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Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.