A.M. Best affirmed the financial strength rating of “A” (Excellent) for Harleysville Insurance, Harleysville, Penn., and the “a-” debt rating for Harleysville Group Inc.’s existing senior notes. The rating agency also raised the ratings of the Palisades Group of Summit, New Jersey from “B+” (Very Good) to “B++” (Very Good).
Best cited Harleysville for its excellent capitalization, generally solid earnings and its strong regional market franchise. It also noted Harleysville’s conservative balance sheet, sound underwriting fundamentals and long-standing agency relationships, and added that with a regional insurer approach, Harleysville benefits from strong name recognition, extensive local market knowledge and stable market presence. The group continues to find opportunities by broadening its scope beyond traditional Mid-Atlantic and East Coast markets by expanding into the Midwest, subsequently improving its geographic profile, which now spans 31 states.
In a related move A.M. Best raised its ratings on Palisades Safety and Insurance Association and its subsidiary, Palisades Insurance Company. Palisades has an agreement with Harleysville Garden-State Insurance Company to assume its $17 million New Jersey private passenger automobile book upon renewal, beginning in June 2002. It will receive a total of $4.7 million (after tax) from Harleysville to support the transferred business.
Was this article valuable?
Here are more articles you may enjoy.
AT&T Says Data From Around 109M Customer Accounts Illegally Downloaded 
Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data 
Elon Musk Beats $500 Million Severance Lawsuit by Fired Twitter Workers 
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season From This Issue
