OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has downgraded the financial strength rating to B+ (Good) from B++ (Good) and the issuer credit rating to “bbb-” from “bbb” of The Bar Plan Mutual Insurance Company (The Bar Plan) (St. Louis, MO). The outlook for both ratings has been revised to stable from negative. Concurrently, A.M. Best has withdrawn the ratings, as the company has requested to no longer participate in A.M. Best’s interactive rating process.
These rating actions reflect further unexpected deterioration in The Bar Plan’s underwriting and operating performance in 2014 and A.M. Best’s concerns related to future operating results, price adequacy and potential further development on large claims. Despite the actions taken, the ratings reflect The Bar Plan’s supportive capitalization.
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.
Key insurance criteria reports utilized:
- Evaluating U.S. Surplus Notes
- Rating Members of Insurance Groups
- Risk Management and the Rating Process for Insurance Companies
- Understanding BCAR for Property/Casualty Insurers
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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