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
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