AM Best Assigns Credit Ratings to Greater Midwestern Indemnity Company and Greater Mid-Atlantic Indemnity Company

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) to Greater Midwestern Indemnity Company (Midwestern) (New York, NY). Concurrently, AM Best has assigned an FSR of A+ (Superior) and a Long-Term ICR of “aa-” (Superior) to Greater Mid-Atlantic Indemnity Company (Mid-Atlantic) (New York, NY). The outlooks assigned to these Credit Ratings (ratings) are stable. Midwestern and Mid-Atlantic are wholly owned subsidiaries of Greater New York Mutual Insurance Company (Greater NY Mutual), their ultimate parent.

The ratings of Midwestern and Mid-Atlantic reflect their balance sheet strength, which AM Best assesses as strongest, as well as their strong level of operating performance, neutral business profile and appropriate enterprise risk management. The ratings of the pooled members of Greater NY Mutual are being extended to Midwestern and Mid-Atlantic given the explicit support provided through this pooling arrangement. The operations of Midwestern and Mid-Atlantic are fully integrated with Greater NY Mutual’s other pooled members.

Midwestern and Mid-Atlantic will write the same products as Greater NY Mutual, adding greater flexibility with filed rates.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Jeff Stary
Financial Analyst

+1 908 439 2200, ext. 5689

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Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Jacqalene Lentz, CPA

Director

+1 908 439 2200, ext. 5762

[email protected]

Jim Peavy
Director, Public Relations

+1 908 439 2200, ext. 5644

[email protected]

Source: AM Best