OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Middle States Insurance Company, Inc. (Middle States) (Oklahoma City, OK). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings of Middle States reflects its balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
AM Best notes the company’s year-to-date policyholder surplus grew to $5.7 million for 2019, marking a 1.3% increase from year-end 2018, and leverage ratios remained very low. While the company’s underwriting results exhibited high volatility during the past five years (2014-2018), its year-to-date 2019 combined ratio of 95.8 significantly outperformed 2018 (118.7). This is the result of milder weather activity. Middle States’ business profile remains limited due to its small presence in the Texas auto market, and single state and product concentration.
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