A.M. Best Assigns Ratings to Millville Insurance Company of New York

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a” to Millville Insurance Company of New York (Millville Insurance) (Corning, NY). The outlook for both ratings is stable.

The ratings are based on the recently implemented quota share reinsurance agreement whereby the liabilities of Millville Insurance are 100% reinsured by its parent, Millville Mutual Insurance Company (Millville Mutual). The ratings reflect Millville Mutual’s solid risk-adjusted capitalization and consecutive years of favorable operating performance generated by consistently profitable underwriting results in recent years.

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”; “Understanding BCAR for Property/Casualty Insurers”; and “Catastrophe Analysis in A.M. Best Ratings.” Best’s Credit Rating Methodology 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.

A.M. Best Co.
Bob Podolski
Senior Financial Analyst
908-439-2200, ext. 5731
[email protected]
or
Gary Davis
Assistant Vice President
908-439-2200, ext. 5665
[email protected]
or
Rachelle Morrow
Senior Manager, Public Relations
908-439-2200, ext. 5378
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
908-439-2200, ext. 5644
[email protected]

<p>Source: A.M. Best Co.