OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Brickyard Insurance Company (Fort Wayne, IN), a newly added member of Midwest Insurance Group (Midwest). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of Midwest are being extended to Brickyard due to its strategic importance, geographic diversification, common management and sharing of operational capabilities. The new member provides licensing flexibility for the group to expand its focus into Indiana. Brickyard also receives explicit support through a guaranty agreement with the ultimate parent, Midwest Financial Holdings, LLC. The guarantee covers all financial obligations of Brickyard.
The ratings reflect Midwest’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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