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FOR IMMEDIATE RELEASE
OLDWICK - JULY 29, 2015 09:44 AM (EDT)
A.M. Best has assigned a financial strength rating (FSR) of A- (Excellent) and an issuer credit rating (ICR) of "a-" to Claverack Cooperative Insurance Company (Claverack) (Hudson, NY), following the state approval of a 100% quota share agreement between Claverack and Mid-Hudson Co-Operative Insurance Company (Mid-Hudson) (Montgomery, NY). The outlook assigned to the ratings is stable.
Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the ICR of "a-" of Mid-Hudson. The outlook for both ratings is stable.
The rating actions reflect that Claverack was incorporated into Mid-Hudson to provide additional product offerings and territories, the explicit support provided to Claverack by Mid-Hudson via a 100% quota share agreement and the full integration into the group's operations and 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.
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