A.M. Best Co. has upgraded the financial strength rating (FSR) to B++ (Good) from B+ (Good) and issuer credit rating (ICR) to “bbb” from “bbb-” of 1st Auto & Casualty Insurance Company (1st Auto). These rating actions are based on 1st Auto’s recently becoming a member of the rating unit, Wisconsin Reinsurance Group.
A.M. Best also has affirmed the FSR of B++ (Good) and the ICRs of “bbb” of Wisconsin Reinsurance Group and its member, Wisconsin Reinsurance Corp. The outlook for all ratings is stable. All companies are domiciled in Madison, Wis.
The upgrade to the ratings recognizes that 1st Auto is an integral part of the group’s overall strategy, accounting for more than 30 percent of its net written premiums and is a significant contributor to the group’s earnings.
1st Auto’s products are marketed through agents who are representatives of mutual insurance companies that are clients of Wisconsin Reinsurance Corp.
Source: A.M. Best
Topics Auto Reinsurance AM Best Casualty
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