OLDWICK, NJ–(BUSINESS WIRE)–AM Best assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long Term Issuer Credit Rating (Long Term ICR) of “aa-” (Superior) to Greater Midwestern Indemnity Company (Midwestern) (New York, NY). At the same time, AM Best has assigned an FSR of A+ (superior) and a long-term ICR of “aa-” (superior) to Greater Mid-Atlantic Indemnity Company (Mid-Atlantic) (New York, NY). The outlook attributed to these Credit Ratings (ratings) is stable. Midwestern and Mid-Atlantic are wholly owned subsidiaries of Greater New York Mutual Insurance Company (Greater NY Mutual), their ultimate parent company.
Midwestern and Mid-Atlantic’s ratings reflect the strength of their balance sheets, which AM Best rates as the strongest, as well as their strong level of operating performance, neutral business profile and appropriate management of business risks. . The pooled member ratings of Greater NY Mutual are extended to the Midwest and Mid-Atlantic given the explicit support provided by this pooling agreement. The operations of Midwestern and Mid-Atlantic are fully integrated with the other consolidated members of Greater NY Mutual.
Midwestern and Mid-Atlantic will write the same products as Greater NY Mutual, adding greater flexibility with filed rates.
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