OLDWICK, N.J., May 4, 2011—A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from B+ (Good) and the issuer credit rating to “a” from “bbb-” of Casco Indemnity Company (Casco) (Saco, ME). The ratings have been removed from under review with positive implications and assigned a stable outlook.
The rating actions follow recent regulatory approval from the Ohio and Maine Departments of Insurance adding Casco into the Ohio Mutual Insurance Group pool (OMIG). As a member of OMIG, Casco receives greater financial flexibility, additional access to capital, sophisticated pricing tools and improved technology systems. With the acquisition of Casco, OMIG receives an established agency plant and improves its geographic diversification as it is licensed in several northeast states.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies” and “Rating Members of Insurance Groups.” Methodologies can be found at www.ambest.com/ratings/methodology.
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Copyright © 2011 by A.M. Best Company, Inc. Used with permission.