OLDWICK, N.J.--(BUSINESS WIRE)--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.
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