A.M. Best Affirms Ratings of PMA Insurance Group, Its Members and PMA Capital Corporation
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A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and issuer credit ratings (ICR) of "a-”
of PMA Insurance Group (Blue Bell, PA) and its pooled
members, Pennsylvania Manufacturers’
Association Insurance Company, Pennsylvania Manufacturers
Indemnity Company and Manufacturers Alliance Insurance Company.
Concurrently, A.M. Best has affirmed the ICR of "bb”
and debt ratings of the parent, PMA Capital Corporation (PMA
Capital) (Blue Bell, PA) [NASDAQ: PMACA].
The outlook for all the above ratings is stable. (See link below for a
detailed listing of the companies and ratings.)
The ratings reflect PMA Insurance Group’s
supportive capitalization, improved operating profitability in recent
years and strong regional workers’
compensation market presence. Partially offsetting these positive rating
factors is recent growth in both premium and reserves, which has
outpaced growth in surplus, as well as A.M. Best’s
concern with the group’s ability to sustain
the recent improvement in operating performance given softening market
conditions. Also, given that PMA Insurance Group represents PMA Capital’s
largest ongoing business segment, the group’s
capitalization could potentially be impacted by holding company and debt
servicing obligations. Despite these concerns, the outlook reflects A.M.
Best’s expectation for solid underwriting
performance and continued supportive overall capitalization.
For a complete listing of PMA Insurance Group and PMA Capital Corporation’s
FSRs, ICRs and debt ratings, please visit www.ambest.com/press/051907pma.pdf.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
