A.M. Best Upgrades Ratings of 1st Auto & Casualty Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has upgraded the financial strength rating (FSR) to B++ (Good) from B+ (Good) and issuer credit rating (ICR) to “bbb” from “bbb-” of 1st Auto & Casualty Insurance Company (1st Auto). These rating actions are based on 1st Auto’s recently becoming a member of the rating unit, Wisconsin Reinsurance Group. A.M. Best also has affirmed the FSR of B++ (Good) and the ICRs of “bbb” of Wisconsin Reinsurance Group and its member, Wisconsin Reinsurance Corporation. The outlook for all ratings is stable. All companies are domiciled in Madison, WI.

The upgrade to the ratings recognizes that 1st Auto is an integral part of the group’s overall strategy, accounting for over 30% of its net written premiums and is a significant contributor to the group’s earnings. 1st Auto’s products are marketed through agents who are representatives of mutual insurance companies that are clients of Wisconsin Reinsurance Corporation.

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”; “Natural Catastrophe Stress Test Methodology”; “Catastrophe Analysis in A.M. Best Ratings”; “Understanding BCAR for Property/Casualty Insurers”; and “Rating Members of Insurance Groups.” 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 © 2010 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.

A.M. Best Co.
Michael Russo, 908-439-2200, ext. 5372
Financial Analyst
[email protected]
or
Gary Davis, 908-439-2200, ext. 5665
Assistant Vice President
[email protected]
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
[email protected]
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best Co.