Here’s a rundown on the changes of keenest interest to insurance advisors...
A.M. Best Co. has withdrawn the financial strength rating of B++ (Good) and issuer credit rating of "bbb+" of Milwaukee Insurance Company (MIC) (Waukesha, WI) following its merger into its parent, First Nonprofit Insurance Company (FNIC) (Chicago, IL).
This transaction closed on September 27, at which time all assets and liabilities of MIC were merged into FNIC.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: "Risk Management and the Rating Process for Insurance Companies" and "Understanding BCAR for Property/Casualty Insurers." Best's Credit Rating Methodology can be found at ambest.com/ratings/methodology.
A.M. Best Company is an insurance rating and information source.
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