Oldwick, NJ -(BusinessWire)- AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of the members of AmeriTrust Group, whose principal insurance subsidiaries operate under an intercompany reinsurance pooling agreement. AmeriTrust Group is headquartered in Southfield, Michigan. (See below for a listing of the rated AmeriTrust Group insurance subsidiaries.)
The under review with positive implications status reflects the announcement on April 12, 2022, of a definitive agreement under which Accident Fund Insurance Company of America and its subsidiaries (Accident Fund) will acquire Star Insurance Company (Southfield, MI) and its subsidiaries (collectively referred to as AmeriTrust Group).
Accident Fund’s principal subsidiaries have an FSR of A (Excellent) and Long-Term ICRs of “a” (Excellent); its affiliated brands provide specialty and workers’ compensation insurance across the United States.
The acquisition integrates two nationally recognized, Michigan–based specialty insurance groups. The transaction is subject to customary closing conditions, including regulatory approvals. The ratings of AmeriTrust Group will remain under review until the close of the transaction closes and AM Best reviews the post-transaction details.
The FSRs of A- (Excellent) and Long-Term ICRs of “a-” (Excellent) have been placed under review with positive implications for the following members of the AmeriTrust Group:
- Star Insurance Company
- Century Surety Company
- ProCentury Insurance Company
- Williamsburg National Insurance Company
- Ameritrust Insurance Corporation
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 (PDF). 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 (PDF).
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Source: BusinessWire