A.M. Best Removes From Under Review & Upgrades Credit Ratings of Mountain States Commercial Insurance Company & Mountain Stat...
May 26 2017 - 9:49AM
Business Wire
A.M. Best has removed from under review with positive
implications and upgraded the Financial Strength Ratings to A
(Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings
to “a” from “bbb+” of Mountain States Commercial Insurance
Company (Mountain States Commercial) and Mountain States
Indemnity Company (Mountain States Indemnity). The outlooks
assigned to these Credit Ratings (ratings) are stable. Both
companies are domiciled in Albuquerque, NM.
These rating actions follow the May 25, 2017, merger of Mountain
States Mutual Casualty Company with and into Donegal Mutual
Insurance Company (Donegal Mutual), which resulted in Donegal
Mutual’s acquisition of Mountain States Commercial and Mountain
States Indemnity and the implementation of a 100% quota share
reinsurance contract whereby Donegal Mutual reinsures 100% of
Mountain State Commercial’s and Mountain States Indemnity’s
premiums, losses and expenses. Donegal Mutual is the lead member of
Donegal Insurance Group, which also includes the insurance
subsidiaries of the publicly traded holding company, Donegal
Group Inc. [NASDAQ: DGICA and DGICB]. The ratings of Donegal
Insurance Group and its members, and Donegal Group Inc. are
unaffected as a result of this acquisition.
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. For information on the proper media use of Best’s
Credit Ratings and A.M. Best press releases, please view
Guide for Media - Proper Use of Best’s Credit Ratings and A.M.
Best Rating Action Press Releases.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170526005352/en/
A.M. BestKenneth TappenSenior Financial
Analyst+1 908 439 2200, ext.
5248kenneth.tappen@ambest.comorRichard
AttanasioSenior Director+1 908 439 2200, ext.
5432richard.attanasio@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
Donegal (NASDAQ:DGICA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Donegal (NASDAQ:DGICA)
Historical Stock Chart
From Sep 2023 to Sep 2024