OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of the members of Concord Group Insurance Pool (the Group), which is led by Concord General Mutual Insurance Company (Concord, NH). (See below for detailed list.) The under review status follows the announcement that Concord has entered into an affiliation agreement with Auto-Owners Insurance Company (Auto-Owners), subject to regulatory approval and final closing conditions. This transaction is expected to close in the second quarter of 2017.
The under review with positive implications status reflects the potential financial and operational benefits that the Group will derive from being affiliated with a larger (by premium and surplus), higher-rated organization. Senior management will remain after the closing to support the Group’s brand and partner operationally with Auto-Owners. For the members of the Group, this affiliation also provides an opportunity to improve product diversification, enhance financial stability and stronger agency relationships.
A.M. Best will continue to monitor the progress of the transaction and ongoing performance of each rating unit and evaluate any developments and implications for impact to the Credit Ratings (ratings).
The ratings were placed under review with positive implications for the following members of the Concord Group Insurance Pool:
- Concord General Mutual Insurance Company
- Green Mountain Insurance Company, Inc.
- State Mutual Insurance Company
- Sunapee Mutual Fire Insurance Company
- Vermont Accident Insurance Company, Inc.
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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