Oldwick, NJ -(BusinessWire)- A.M. Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of HM Casualty Insurance Company (HM Casualty) (headquartered in Pittsburgh, PA).
The under review status follows the acquisition of HM Casualty by BrickStreet Mutual Insurance Company (BrickStreet) on Jan. 1, 2017. The ratings also reflect the quota share reinsurance agreement executed between HM Casualty and BrickStreet.
BrickStreet is a member of the BrickStreet Mutual Insurance Group (BrickStreet Group), which is comprised of four insurance companies that participate in an inter-company reinsurance pool. The group writes workers’ compensation business, predominantly in West Virginia and Pennsylvania. The Long-Term ICR of BrickStreet Group was placed under review with positive implications on Oct. 28, 2016, following its announcement that it had entered into an affiliation agreement with Motorists Mutual Insurance Company, subject to regulatory approval. A.M. Best will continue to monitor the progress of the transaction and ongoing performance of each rating unit and evaluate any developments and implications for impact to the Credit Ratings.