Insurance company

AM Best Places Merged P&C Insurance Company’s Credit Ratings Under Review With Positive Implications

OLDWICK, NJ–(BUSINESS WIRE)–AM Best placed under review with positive implications the financial strength rating of B++ (good) and the issuer’s long-term credit rating of “bbb” (good) from Amalgamated Casualty Insurance Company (ACIC) (head office at Chevy Chase, MD).

The status under review of these credit ratings (ratings) reflects ACIC’s planned demutualization which is expected to become effective in March 2022. Upon completion, ACIC will convert to a corporation ultimately owned by its underwriters. , employees, officers, directors and administrators. other investors.

Simultaneously, ACIC will be renamed “Forge Insurance Company”, as new senior management implements the company’s plan to focus future business growth on frequency/severity classes and lower jurisdictions within the segment commercial automotive, which management believes should reduce ACIC’s risk profile on a prospective basis. The status of positive implications takes into consideration all of the above factors and the significant steps new management has taken so far to strengthen the company’s enterprise risk management framework and capabilities prior to the transaction, in order to execute his new business plan in the future.

The ratings are expected to remain under review until the transaction closes and AM Best has assessed its impact on the company’s credit fundamentals.

This press release relates to credit ratings that have been published on AM Best’s website. For all ratings information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit AM Best’s Recent Ratings Activity webpage. For more information on the use and limitations of credit rating opinions, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see the Guide to Proper Use of Best’s Best ratings and reviews.

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 more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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