A.M. Best announced it has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and the issuer credit ratings to “aa” from “a” of Producers Agriculture Insurance Co. (Pro Ag) and Producers Lloyds Insurance Co. (Producers Lloyds). Both are based in Amarillo, Texas.
The ratings have been removed from under review with developing implications and assigned a stable outlook.
The removal of the under review status reflects the completion of HCC Insurance Holdings Inc.’s (HCC) acquisition of Pro Ag and Producers Lloyds, effective Jan. 1, 2015.
The rating upgrades reflect the execution of an inter-company quota share reinsurance agreement, effective Jan. 6, 2015, between Pro Ag and Houston-based Houston Casualty Co., the lead insurance operating company within the HCC organization.
Producers Lloyds will continue its historical intercompany quota share reinsurance agreement with Pro Ag and benefits from the new reinsurance agreement between Pro Ag and Houston Casualty.
Source: A.M. Best
Topics Texas Agribusiness
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