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Additionally, A.M. Best has affirmed the FSR of A- (Excellent) and ICRs of "a-" of American Mercury Insurance Group (AMI) (Oklahoma City, OK) and its members. Concurrently, A.M. Best has affirmed the ICR of "a-" and senior debt rating of "a-" on the existing debt security of Mercury and AMI's parent, Mercury General Corp. (Los Angeles, CA) [NYSE: MCY]. The outlook for all ratings is stable. (See below for a detailed listing of the companies and ratings.)
Mercury's ratings reflect its strong risk-adjusted capital position, conservative investment risk profile and low dependence on reinsurance. Moreover, Mercury's capitalization is supported by solid surplus growth through a consistently positive operating performance. In addition, Mercury maintains a sustainable competitive advantage within its core personal auto segment that includes pricing and risk classification expertise, strong independent agency relationships and aggressive claims management practices. Mercury also benefits from the financial flexibility of Mercury General Corp. due to its modest financial leverage and access to capital markets.
AMI's ratings reflect its adequate level of risk-adjusted capital and the demonstrated history of financial support provided by Mercury General Corp. These positive rating factors are offset by AMI's elevated underwriting leverage, its relatively high expense structure and exposure to catastrophe losses in its operating region.
The FSR of A+ (Superior) and ICRs of "aa-" have been affirmed for Mercury Casualty Group and its following members:
- Mercury Casualty Company
- Mercury Insurance Company
- California Automobile Insurance Company
- Mercury Indemnity Company of Georgia
- Mercury Insurance Company of Georgia
- Mercury Insurance Company of Illinois
- Mercury National Insurance Company
- Mercury Insurance Company of Florida
- Mercury Indemnity Company of America
The FSR of A- (Excellent) and ICRs of "a-" have been affirmed for American Mercury Insurance Group and its following members:
- American Mercury Insurance Company
- American Mercury Lloyds Insurance Company
- Mercury County Mutual Insurance Company
The ICR of "a-" has been affirmed for Mercury General Corp.
The following debt rating has been affirmed:
Mercury General Corp.--
-- "a-" on $125 million 7.250 percent senior unsecured notes, due 2011
For Best's Credit Ratings, an overview of the rating process and rating methodologies: ambest.com/ratings.
((Comments on this story may be sent to health@closeupmedia.com))
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