AM Best Places Credit Ratings of Constellation Insurance Group’s Members Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has placed under review with developing 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 Constellation Insurance Group (Constellation) (Minneapolis, MN).

The Credit Ratings (ratings) were placed under review with developing implications following the announcement that Constellation has signed a merger agreement with Curi Holdings, Inc. (Curi). Curi is the leading writer of medical professional liability insurance in North Carolina and has a strong presence in Mid-Atlantic states including Georgia, New Jersey, Pennsylvania and Virginia.

The ratings will remain under review with developing implications pending completion of the merger. The combined organization is expected to continue to provide products and services to physicians, health care providers, and organizations. AM Best will continue to monitor the transaction and evaluate the impacts on members of the group. This merger is subject to all customary closing conditions, including member and regulatory approvals, and expected to be completed in the second half of 2023.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been placed under review with developing implications for the following members of Constellation Insurance Group:

• UMIA Insurance, Inc.
• MMIC Insurance, Inc.
• Arkansas Mutual Insurance Company
• MMIC Risk Retention Group, Inc.

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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Anthony Molinaro
Senior Financial Analyst

+1 908 439 2200, ext. 5608

[email protected]

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

Vicky Riggs
Associate Director

+1 908 439 2200, ext. 5039

[email protected]

Al Slavin
Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

[email protected]

Source: AM Best