The “A-” FSR of Legion Insurance Group, comprised of Legion Insurance Co., Legion Indemnity Co. and Villanova Insurance Co., was affirmed and removed from under review by A.M. Best. The rating action came subsequent to an announcement by Mutual Risk Management Ltd. (MRM), the group’s parent, that it had entered into an agreement with XL Capital Ltd. Under the agreement, XL Capital will provide financial support to MRM. A.M. Best indicated that it views the transaction favorably. Partially offsetting these strengths is the high level of both MRM’s financial leverage and Legion’s reinsurance recoverables. The rating action is also applicable to the five members of the I.P.C. Group, which, with Legion Insurance Group, is a core subsidiary of MRM.
Was this article valuable?
Here are more articles you may enjoy.
American Family to Acquire Bowhead Specialty in $1.2B Cash Deal 
NHTSA Says Some Older Ford Cars, SUVs Pose Unreasonable Safety Risks 
Product-Defect Presumption Lives On: Florida Appeals Court Upholds $103M vs. Ford 
Bring It On: AI Strategy Sways Underwriter Choices of Employers From This Issue
