OLDWICK, N.J. - (Business Wire)
A.M. Best Co. has upgraded the issuer credit ratings (ICR) to
“bbb+" from
“bbb
” and affirmed the financial strength rating (FSR) of B++ (Good) of
ECM Insurance Group (Group) and its member,
Everett Cash Mutual Insurance Company. The outlook for the FSR has been revised to positive from stable, and the outlook for the ICR is positive.
Concurrently, A.M. Best has affirmed the FSR of B+ (Good) and ICR of “bbb-” of Ever-Greene Mutual Insurance Company (Ever-Greene). Additionally, A.M. Best has affirmed the FSR of B++ (Good) and ICR of “bbb” of 1ST Choice Auto Insurance Company, Inc. (1ST Choice Auto). Both companies are separately rated members of the Group. The outlook for these ratings is stable. All companies are domiciled in Everett, PA.
These rating actions on the Group reflect its favorable risk-adjusted capitalization, solid underwriting and operating performance in its niche of farmowners/small commercial coverages and profitable conservative investment portfolio. These positive rating factors are somewhat offset by the Group’s tight geographic concentration of risk. In addition, the outlook reflects A.M. Best’s expectation that underwriting performance and risk-adjusted capitalization will continue to trend favorably in the near term.
The ratings of 1ST Choice Auto recognize its favorable risk-adjusted capitalization, profitable underwriting results and strategic affiliation with the Group. Partially offsetting these positive rating factors are the company’s limited geographic concentration of risk and limited product offering.
The ratings of Ever-Greene are indicative of its modest underwriting leverage and favorable risk-adjusted capitalization, which is somewhat offset by the company’s limited business profile.
For 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 global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
A.M. Best Co.
Analysts:
Raymond Thomson, 908-439-2200, ext. 5621
raymond.thomson@ambest.com
or
Jeffrey Mango, CPA, 908-439-2200, ext. 5204
jeffrey.mango@ambest.com
or
Public Relations:
Jim Peavy 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
