A.M. Best Removes From Under Review With Negative Implications and Downgrades Issuer Credit Ratings of Members of Amica Mutual Group; Affirms Credit…
A.M. Best Removes From Under Review With Negative Implications and Downgrades Issuer Credit Ratings of Members of
By a
The ratings of Amica were placed under review with negative implications on
The ratings reflect Amica's balance sheet strength, which
The rating actions reflect the deteriorating underwriting results in recent years, mainly driven by weather-related catastrophe events and auto losses. Amica's net underwriting losses have been driven by an increased loss ratio, which compares unfavorably with the averages for companies in the private passenger standard auto and homeowners composite, and
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