A.M. Best has assigned a financial strength rating of “A” (Excellent) and an issuer credit rating of “a” to Arkansas Mutual Insurance Company (AMIC) in Little Rock, Ark. The outlook assigned to both ratings is stable.
The ratings are reflective of MMIC Insurance Inc.’s (MMIC) acquisition of AMIC in 2015, AMIC’s new role as a strategic reinsured subsidiary of MMIC and the explicit support provided to AMIC by MMIC in the form of quota share and loss portfolio reinsurance.
AMIC was acquired by MMIC, effective July 31, 2015, to give MMIC a presence in the medical professional liability sector in Arkansas and to give AMIC the ability to expand its market profile into hospitals and larger physician groups.
The contracts were effective upon close of the acquisition. In addition, MMIC made a substantial capital contribution to AMIC, a portion of which was used to extinguish its subordinated surplus notes.
Source: A.M. Best
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