-

CORRECTING and REPLACING AM Best Withdraws Credit Ratings of Southern County Mutual Insurance Company

CORRECTION...by AM Best

OLDWICK, N.J.--(BUSINESS WIRE)--First paragraph, third sentence of release dated March 30, 2021 should read: As part of the transaction, GEICO acquired 100% of the voting shares of Republic Group No. Two Company and control of Southern County (Instead of The Republic Group).

The updated release reads:

AM BEST WITHDRAWS CREDIT RATINGS OF SOUTHERN COUNTY MUTUAL INSURANCE COMPANY

AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Southern County Mutual Insurance Company (Southern County) (Dallas, TX). The Credit Ratings (ratings) had stable outlooks. Berkshire Hathaway Inc.’s subsidiary, GEICO Corporation (GEICO), acquired Republic Group No. Two Company, a subsidiary of Republic Companies Group, Inc. (operating as The Republic Group), in January 2021. As part of the transaction, GEICO acquired 100% of the voting shares of Republic Group No. Two Company and control of Southern County. GEICO management has indicated its intention to reinsure Southern County 100% to an affiliate; however, the reinsurance agreement has not yet been put into effect. The current ratings of Southern County are being withdrawn until the reinsurance agreement can be completed.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Adib Nassery
Senior Financial Analyst
+1 908 439 2200, ext. 5205
adib.nassery@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Brian O’Larte
Director
+1 908 439 2200, ext. 5138
brian.o'larte@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Industry:

AM Best

Release Versions
English

Contacts

Adib Nassery
Senior Financial Analyst
+1 908 439 2200, ext. 5205
adib.nassery@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Brian O’Larte
Director
+1 908 439 2200, ext. 5138
brian.o'larte@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

More News From AM Best

Best’s Special Report: EMEA Ratings Benchmarking Shows Improving Credit Quality, but Common Themes Highlighted as Weaknesses

LONDON--(BUSINESS WIRE)--Ratings of (re)insurers in Europe, the Middle East and Africa (EMEA) showed improvement in 2025, according to a new report from AM Best. In its new Best’s Special Report, “Benchmarking EMEA Ratings – Improving Credit Quality, but Common Themes Highlighted as Weaknesses”, AM Best notes that despite the uncertain global geopolitical environment, the stability of macroeconomic conditions through 2024 and 2025, in addition to generally robust levels of profitability in many...

Best’s Special Report: U.S. Economy Grows Despite Emerging Headwinds

OLDWICK, N.J.--(BUSINESS WIRE)--The U.S. economy entered 2026 from a position of relative strength, continuing to outperform most advanced economies in 2025, a theme that is expected to persist in the coming year, according to a new AM Best report. According to the Best’s Special Report, “U.S. Economy Grows Despite Emerging Headwinds,” International Monetary Fund projections indicate that the country’s real gross domestic product growth will rise slightly to 2.4% in 2026, compared with 2.1% las...

AM Best Comments on Credit Ratings of Cavello Bay Reinsurance Limited Following the Acquisition of AF Group by Enstar Group Limited

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (ENSTAR) (Bermuda), are unchanged following Enstar’s announcement that it has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. (AF Group) from Blue Cross Blue Shield of Michigan (headquartered in Lansing, MI). Once the acquisition is completed, AF Gr...
Back to Newsroom