AM Best Places Credit Ratings of AmeriTrust Group Members Under Review With Positive Implications

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of the members of AmeriTrust Group, whose principal insurance subsidiaries operate under an intercompany reinsurance pooling agreement. AmeriTrust Group is headquartered in Southfield, Michigan. (See below for a listing of the rated AmeriTrust Group insurance subsidiaries.)

The under review with positive implications status reflects the announcement on April 12, 2022, of a definitive agreement under which Accident Fund Insurance Company of America and its subsidiaries (Accident Fund) will acquire Star Insurance Company (Southfield, MI) and its subsidiaries (collectively referred to as AmeriTrust Group).

Accident Fund’s principal subsidiaries have an FSR of A (Excellent) and Long-Term ICRs of “a” (Excellent); its affiliated brands provide specialty and workers’ compensation insurance across the United States.

The acquisition integrates two nationally recognized, Michigan–based specialty insurance groups. The transaction is subject to customary closing conditions, including regulatory approvals. The ratings of AmeriTrust Group will remain under review until the close of the transaction closes and AM Best reviews the post-transaction details.

The FSRs of A- (Excellent) and Long-Term ICRs of “a-” (Excellent) have been placed under review with positive implications for the following members of the AmeriTrust Group:

• Star Insurance Company
• Century Surety Company
• ProCentury Insurance Company
• Williamsburg National Insurance Company
• Ameritrust Insurance Corporation

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.

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

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Billiah Moturi

Financial Analyst

+1 908 439 2200, ext. 5509

billiah.moturi@ambest.com

Alan Murray
Associate Director

+1 908 439 2200, ext. 5535

alan.murray@ambest.com

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy
Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best