AM Best assigns credit ratings to Greater Midwestern Indemnity Company and Greater Mid-Atlantic Indemnity Company

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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.

This press release relates to credit ratings that have been published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s credit scores, Best’s preliminary credit assessments, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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