OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Associated Mutual (Grand Rapids, MI). The outlook for the ratings remains negative. Subsequently, A.M. Best has withdrawn the ratings due to management’s request to no longer participate in A.M. Best’s interactive rating process.
The rating actions reflect Associated Mutual’s adequate risk-adjusted capitalization, which has been aided by lower premium revenues. The negative outlook on the ratings reflects the trend of net losses as well as declining premium development and lower capital and surplus.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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