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.
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