OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed under review with positive implications the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” of Midrox Insurance Company (Midrox) (Roxbury, NY).
The under review status follows a signed 100% quota share reinsurance agreement between Mid-Hudson Co-Operative Insurance Company (Mid-Hudson) (Montgomery, NY) and Midrox, anticipated to be effective Jan. 1, 2018, following state approval. Additionally, Mid-Hudson has assumed board control of Midrox with the majority of board members represented by Mid-Hudson. The reinsurance agreement is expected to improve the financial position of Midrox due to the implicit support from Mid-Hudson.
A.M. Best expects the ratings to remain under review until the contract is approved by the New York Department of Financial Services and A.M. Best undergoes a complete analysis of the transaction.
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