AM Best has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of A (excellent) and the long-term issuer credit ratings (ICRs) of a+ for New Hampshire-based Concord Group.
“The ratings of Concord Group reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile, appropriate enterprise risk management (ERM)… and strategic position within the Auto-Owners organization, which is a highly rated, super-regional insurer with more than $11 billion in policyholders’ surplus,” according to an AM Best press release.
The outlooks have been revised to positive from stable and the FSR of A (excellent) and the long-term ICRs of a+ have been affirmed for the following members of Concord Group Insurance Pool:
- Concord General Mutual Insurance Company
- Green Mountain Insurance Company Inc.
- State Mutual Insurance Company
- Sunapee Mutual Fire Insurance Company
- Vermont Accident Insurance Company Inc.
The FSR of A++ (superior) and the long-term ICRs of aa+ have been affirmed, each with a stable outlook, for Auto-Owners Insurance Company and its wholly owned property and casualty subsidiaries. The Concord Group became affiliated with Auto-Owners Insurance Company in April 2017.
Founded in 1928, Concord Group Insurance offers home, auto, business and life insurance. The Concord Group works exclusively with independent insurance agents, and its products are available from more than 500 agents in Maine, Massachusetts, New Hampshire and Vermont.
Source: Concord Group
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