OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” of the members of American Family Insurance Group (American Family) (Madison, WI) remain unchanged following its announced merger with Main Street America Group (MSA) (Jacksonville, FL).
On May 4, 2018, it was announced that each company’s board of directors has approved the merger transaction. This transaction does not involve a capital outlay by either organization. A.M. Best expects the merger to provide American Family with an expanded geographic footprint, line of business diversification and broader product offerings. Once the merger is completed, MSA is expected to continue to remain an autonomous operation, retaining its brand name and marketing affiliations. The transaction is expected to close by year-end 2018, pending approval by state regulators and the mutual members of both companies.
A.M. Best will continue to monitor the progress of the proposed merger and evaluate any developments and implications for impact on the Credit Ratings of American Family or its affiliates.
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