OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of “a+” and assigned an NR-5 (Not Formally Followed) to the FSR and an “nr” to the ICR of West Bend Mutual Group (West Bend, WI).
This rating action follows the sale of West Bend Mutual Insurance Company’s (West Bend Mutual) (West Bend, WI) majority owned subsidiary, Michigan Insurance Company (MIC) (Grand Rapids, MI), to an unrelated party.
Following the sale of MIC, West Bend Mutual became a single entity no longer requiring a group rating. Currently, West Bend Mutual has an FSR of A (Excellent) and an ICR of “a+”, which are unchanged. The outlook for both ratings is stable.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized included “Rating Members of Insurance Groups.” Methodologies can be found at www.ambest.com/ratings/methodology.
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