AM Best Removes From Under Review With Positive Implications, Affirms Credit Ratings of AmeriTrust Group Members

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has removed from under review with positive implications and affirmed 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, MI. The outlook assigned to these Credit Ratings (ratings) is positive. (See below for a listing of the rated AmeriTrust Group insurance subsidiaries.)

The ratings reflect AmeriTrust Group’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of AmeriTrust Group were previously placed under review with positive implications in April 2022, following the announcement that it had entered into a definitive agreement to be acquired by Accident Fund Insurance Company of America, a member of AF Group. The positive outlooks reflect the role AmeriTrust will have going forward following its Dec. 31, 2022 acquisition and also considers the level of integration, synergies and strategic opportunities provided to both companies.

The FSRs of A- (Excellent) and Long-Term ICRs of “a-” (Excellent) have been removed from under review with positive implications with an assigned outlook of positive 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 © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Michael Venezia
Senior Financial Analyst

+1 908 439 2200, ext. 5034

michael.venezia@ambest.com

Christopher Sharkey
Associate Director, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Robert Raber
Director

+1 908 439 2200, ext. 5696

robert.raber@ambest.com

Al Slavin
Senior Public Relations Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Source: AM Best