A.M. Best Removes Rating of State-Wide Insurance Company From Under Review; Assigns and Upgrades Ratings
A.M. Best Co. has removed from under review with positive implications the financial strength rating (FSR) of A- (Excellent) of State-Wide Insurance Company (State-Wide) (Hempstead, NY). A.M. Best has also upgraded the FSR to A+ (Superior) and assigned an issuer credit rating (ICR) of "aa-" to State-Wide. The outlook assigned to all ratings is stable.
These rating actions follow the acquisition of State-Wide's parent holding company, SWICO Enterprises, Ltd. (SWICO), by ACIC Holding Company Inc., a subsidiary of The Commerce Group Inc. (NYSE: CGI - News).
The ratings acknowledge the purchase agreement that includes the pooling of results and the consolidation of State-Wide with Commerce Group (Commerce). Other members of Commerce include The Commerce Insurance Company, Citation Insurance Company (MA), American Commerce Insurance Company (Columbus, OH) and Commerce West Insurance Company (Pleasanton, CA). The ratings of Commerce and its other member companies are unchanged. Unless otherwise specified, all companies are domiciled in Webster, MA.
For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.
Source: OLDWICK, N.J.--(BUSINESS WIRE)-- | Published on May 14, 2007
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