OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Anthracite Mutual Fire Insurance Company (Anthracite) (Millville, PA) due to an agreement under which its assets will be acquired and liabilities assumed by Millville Mutual Insurance Company (Millville).
Anthracite entered into the agreement in the fourth quarter of 2019 to have its assets acquired and liabilities assumed by Millville, its sister company. Due to the nature of Anthracite’s business and restrictions on its premiums, management said it was in the company’s best interest to enter this agreement. In addition, Anthracite has surrendered its certificate of authority and is no longer a licensed insurer. Management is taking action with the Pennsylvania Department of State to dissolve Anthracite.
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