A.M. Best Co. announced it has upgraded the financial strength rating of Beacon Insurance Group (Beacon) of Wichita Falls, Texas, and its members to “B+” (Good) from “B-” (Fair) and assigned issuer credit ratings of “bbb-“. The FSR has been removed from under review, and both the FSR and ICRs have been assigned a positive outlook.
In March 2007, Beacon was acquired by State Automobile Mutual Insurance Company (SAMI), which is a member of the State Auto Insurance Companies (Columbus, Ohio). The rating upgrade reflects A.M. Best’s opinion that Beacon is now part of a financially stronger organization, which is anticipated to yield considerable benefits going forward. In addition, net leverage and risk-adjusted capitalization are anticipated to improve further over the near term.
Beacon recently announced plans to begin offering auto insurance in Oklahoma, it’s 23rd state.
Source: A.M. Best
Was this article valuable?
Here are more articles you may enjoy.
Florida Woman Drives Elevated Pickup Over Lamborghini Sports Car in Parking Lot 
Most Are Overcharged for Property Insurance, Vanderbilt Study Says 
After Greg Biffle Plane Crash, Police Think ‘Friends’ Stole From His NC Home 
Study Suggests Federal Action to Realize Insurance Savings 
