Oldwick, NJ -(BusinessWire)- A.M. Best has commented that the financial strength rating of A- (Excellent) and the issuer credit ratings of “a-” of the members of Highmark Casualty Group (HCG) remain unchanged following the recent workers’ compensation acquisition announcement by BrickStreet Mutual Insurance Company (BrickStreet) (Charleston, WV) and HM Insurance Group (HIG), a Highmark Company. The ratings remain unchanged for HCG’s members, Highmark Casualty Insurance Company (Highmark Casualty) and HM Casualty Insurance Company (HM Casualty), which have negative outlooks. The above companies are domiciled in Pittsburgh, PA, unless otherwise specified. All other ratings of Highmark Inc. and its subsidiaries also remain unchanged.
On July 11, 2016, it was announced that BrickStreet would acquire HIG’s workers’ compensation business, which accounts for approximately $120 million in premium written in Highmark Casualty and HM Casualty. In addition, HIG’s current workers’ compensation employees will become BrickStreet employees and remain in Pennsylvania. HCG will continue to write approximately $165 million of medical stop loss and managed care reinsurance lines.
This transaction allows HIG to sharpen its strategic focus on its core health-related business.