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 BrickStreet Mutual Insurance Group remain unchanged following the recent acquisition announcement by their ultimate parent, BrickStreet Mutual Insurance Company (BrickStreet) (Charleston, WV) and HM Insurance Group (HM), a Highmark Company. The ratings remain unchanged for the group members: BrickStreet, NorthStone Insurance Company (Harrisburg, PA), SummitPoint Insurance Company (Charleston, WV) and PinnaclePoint Insurance Company (Charleston, WV). The ratings of members of BrickStreet Mutual Insurance Group have a stable outlook.
On July 11, 2016, it was announced that BrickStreet would acquire the workers’ compensation block of business from HM. The purchase involved workers’ compensation policies and accounts for approximately $120 million in premium. HM’s current workers’ compensation employees will become BrickStreet employees and remain in Pennsylvania, effective Aug. 1, 2016.
For the members of the group, this transaction provides an opportunity to further expand their presence in Pennsylvania and continue to grow as leading providers of workers’ compensation insurance in the region.
A.M. Best will continue to monitor the progress of the transaction and evaluate any developments and implications for impact on the ratings.