A.M. Best Removes From Under Review and Upgrades Credit Ratings of Maxum Indemnity Company and Maxum Casualty Insurance Company
January 18 2017 - 02:49PM
Business Wire
A.M. Best has removed from under review with positive
implications and upgraded the Financial Strength Rating to A+
(Superior) from A- (Excellent) and the Long-Term Issuer Credit
Ratings to “aa-” from “a-” of Maxum Indemnity Company and
Maxum Casualty Insurance Company (together known as the
Maxum companies) (both headquartered in Alpharetta, GA). The Maxum
companies were acquired by The Hartford Financial Services
Group, Inc. (The Hartford) [NYSE:HIG] on July 29, 2016. The
outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect the 100% quota share reinsurance agreement
recently executed between each of the Maxum companies and
Hartford Fire Insurance Company (Hartford Fire). Hartford
Fire is a rating group member of the Hartford Insurance
Pool. The Hartford is an insurance holding company that
provides personal and commercial property and casualty insurance,
group benefits and mutual funds through its subsidiaries.
This press release relates to Credit Ratings that have been
published on A.M. 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 A.M.
Best’s Recent Rating Activity web page. For
additional information regarding the use and limitations of Credit
Rating opinions, please view Understanding Best’s Credit
Ratings.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2017 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20170118006195/en/
A.M. BestJonathan HarrisSenior Financial
Analyst+1 908 439 2200, ext.
5771jonathan.harris@ambest.comorJennifer
MarshallDirector+1 908 439 2200, ext.
5327jennifer.marshall@ambest.comorChristopher
SharkeyManager, Public Relations+1 908 439 2200, ext.
5159christopher.sharkey@ambest.comorJim
PeavyDirector, Public Relations+1 908 439 2200, ext.
5644james.peavy@ambest.com
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