A.M. Best Withdraws Ratings Of Harleysville-Atlantic Insurance Company And Harleysville Insurance Company Of Ohio
A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of Harleysville-Atlantic Insurance Company (Harleysville-Atlantic) (Atlanta, GA) and Harleysville Insurance Company of Ohio (Harleysville Ohio) (Columbus, OH), following their December 31, 2011 merger with and into Harleysville Worcester Insurance Company (Harleysville Worcester).
These rating actions follow A.M. Best’s confirmation that both Harleysville-Atlantic and Harleysville Ohio have been merged into Harleysville Worcester, a subsidiary of Harleysville Group, Inc. (HGIC) (NASDAQ: HGIC). Subsequent to the merger, the surviving entity, Harleysville Worcester, assumed the respective pooling percentage of the merged companies. The operations of Harleysville Worcester remain unchanged post merger with no impact to policyholders. All companies are headquartered in Harleysville, PA, unless otherwise specified.
On September 30, 2011, A.M. Best placed the FSR of A (Excellent) and ICRs of “a” of Harleysville Mutual Insurance Company (Harleysville Mutual) and its subsidiaries under review with positive implications reflecting HGIC’s discussions with Nationwide Mutual Insurance Company (Nationwide Mutual) (Columbus, OH), a significantly larger and higher rated organization, to merge Harleysville Mutual into Nationwide Mutual. At the same time, A.M. Best placed the FSR of A- (Excellent) and ICR of “a-” of Harleysville Life Insurance Company (Harleysville Life) under review with developing implications. These ratings will remain under review until A.M. Best meets with management and discusses the strategic plan for Harleysville Life going forward.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition , which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; “A.M. Best’s Ratings & The Treatment of Debt”; “Understanding BCAR for Life/Health Insurers”; and ”Equity Credit for Hybrid Securities.” Methodologies can be found at www.ambest.com/ratings/methodology.Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV