A.M. Best Co. has placed the financial strength rating (FSR) of B++ (Good) and the issuer credit ratings (ICR) of “bbb” of Patrons Mutual Group of Connecticut under review with positive implications.
These rating actions are the result of the announcement that Patrons Mutual Group has entered into an agreement to be affiliated with State Automobile Mutual Insurance Companyin Columbus, Ohio.
Patrons Mutual Group consists of Patrons Mutual Insurance Co. of Connecticut, Litchfield Mutual Fire Insurance Co. and Patrons Fire Insurance Co. of Rhode Island.
A.M. Best said it expects that State Auto’s technology and financial strength will expand Patrons Mutual Group’s business potential while enhancing the geographic spread and providing a new source of profitable growth for State Auto.
Patrons Mutual Group markets its personal, commercial, farm and specialty insurance products in Connecticut, Massachusetts, Rhode Island and Vermont.
State Auto is a member of State Auto Insurance Companies, which is primarily engaged in writing personal and business insurance products exclusively through approximately 3,200 independent insurance agencies in 29 states.
The FSRs and ICRs of State Auto, State Auto Insurance Companies and its remaining member companies are unchanged following the announcement of the planned affiliation.
Source: A.M. Best
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