A.M. Best Upgrades Ratings of New Pooled Members of State Auto Insurance Companies
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A.M. Best Co. has upgraded the financial strength rating (FSR) to
A+ (Superior) from A- (Excellent) and the issuer credit ratings (ICR) to "aa-”
from "a-” of Patrons
Mutual Insurance Company of Connecticut (Glastonbury, CT), Litchfield
Mutual Fire Insurance Company (Litchfield, CT) and Beacon
National Insurance Company (Beacon National) (Wichita Falls, TX).
The upgrades are the result of these companies becoming pooled members
of State Auto Insurance Companies (State Auto), effective January
1, 2008. State Auto’s publicly traded holding
company is State Auto Financial Corporation (both of Columbus,
OH) (NASDAQ: STFC).
In addition, A.M. Best has upgraded the FSR to A+ (Superior) from A-
(Excellent) and the ICR to "aa-”
from "a-” of Beacon
Lloyds Insurance Company (Wichita Falls, TX) based on the
inter-company reinsurance arrangement in place with its parent, Beacon
National. The outlook for all ratings has been revised to stable from
positive.
Concurrently, A.M. Best has withdrawn the FSRs of A- (Excellent) and the
ICRs of "a-” of Beacon
Insurance Group (Beacon) (Wichita Falls, TX) and Patrons Mutual
Group of Connecticut (Patrons) (Glastonbury, CT), assigning both
groups a category NR-5 (Not Formally Followed). These actions follow the
previously announced affiliation of both Beacon and Patrons in March and
December 2007, respectively. (Please see press releases of March 30,
2007, July 20, 2007 and January 18, 2008.)
A.M. Best also has withdrawn the FSR of A- (Excellent) and ICRs of "a-”
of Petrolia Insurance Company and First Preferred Insurance
Company (both of Wichita Falls, TX) and assigned the companies a
category NR-5 (Not Formally Followed). These companies, which were
former members of Beacon, were dissolved in December 2007. In addition,
A.M. Best has withdrawn the FSR of A- (Excellent) and ICR of "a-”
of Patrons Fire Insurance Company of Rhode Island (Patrons
Fire) (Glastonbury, CT) and assigned it a category NR-3 (Rating
Procedure Inapplicable). Patrons Fire, which was a former member of
Patrons, is currently inactive.
For Best’s Ratings, an overview of the rating
process and rating methodologies, please visit www.ambest.com/ratings.
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.
