AM Best Comments on Credit Ratings of Ohio Bar Liability Insurance Company Following Merger Announcement With ALPS Property & Casualty Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has commented that the Credit Ratings (ratings) of Ohio Bar Liability Insurance Company (OBLIC) (Columbus, OH) remain unchanged following the announcement that The Ohio State Bar Association (OSBA) and ALPS Property & Casualty Insurance Company (ALPS) have entered into a definitive agreement under which ALPS will acquire OBLIC, a leading provider of professional liability insurance for attorneys in Ohio.

OBLIC has a Financial Strength Rating of A (Excellent) and Long-Term ICR of “a” (Excellent). The outlook for these ratings is stable. The ratings reflect OBLIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The transaction is strategically compelling as both companies share a commitment to clients, a similar focus on culture and a state bar-aligned mission. The transaction creates an opportunity for ALPS to expand into the Ohio market and serve the legal community with their specialized expertise.

OBLIC was incorporated on Dec. 5, 1978, by OSBA to provide professional liability insurance to attorneys. It commenced operations on Sept. 1, 1979. OBLIC provides lawyers professional liability insurance to eligible attorneys who are licensed to practice law and are practicing in Ohio. OBLIC’s current business profile consists of small-sized firms, with approximately 95% of policies covering firms of five or fewer attorneys.

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 Performance Assessments, 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.

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Kevin Dorsey
Senior Financial Analyst

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Al Slavin
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Source: AM Best