AM Best Places Credit Ratings of ClearPath Mutual Insurance Company Under Review with Positive Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of ClearPath Mutual Insurance Company (ClearPath) (Louisville, KY).

This Credit Rating (rating) action follows the financial statement disclosure on March 1, 2023, that ClearPath and Harford Mutual Insurance Group, Inc. (Harford Mutual) have entered into a definitive agreement to merge. Harford Mutual is the parent company of The Harford Mutual Insurance Company and its property/casualty subsidiaries, Firstline Insurance Company and 1842 Insurance Company. As part of the merger, ClearPath will convert to a stock insurance company subsidiary named ClearPath Insurance Company and become a wholly owned, indirect subsidiary of Harford Mutual. The under review with positive implications status takes into consideration the expected financial and operational benefits of the merger, as well as strategic business initiatives that may be put in place after completion of the merger to support the newly merged entity.

The transaction is subject to regulatory approvals. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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.

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