Rating company A.M. Best Co. has removed ratings from under review, with positive implications, and assigned a stable outlook to a pair of Hingham-based insurers.
The company upgraded the financial strength rating (FSR) to ‘A-‘ from ‘B’ and issuer credit ratings (ICR) to ‘a-‘ from ‘bb’ of Hingham Mutual Fire Insurance Co. and its subsidiary, Danbury Insurance Co.
The rating actions follow the recent policyholder and regulatory approval of the participation of Hingham and Danbury in the intercompany pooling agreement of NLC Insurance Cos., according to a statement.
A.M. Best also affirmed the FSR of ‘A-‘ and ICRs of ‘a-‘ for the new expanded pool, NLC Insurance Pool (formerly NLC Insurance Cos.), which consists of New London County Mutual Insurance Co., its subsidiary Thames Insurance Co. Inc. (both based in Norwich, Conn.), Hingham and Danbury. The outlook for these ratings is stable, the company said.
"The affirmations reflect that the addition of Hingham and Danbury into the intercompany pooling agreement will likely enhance the presence and distribution capability of NLC throughout its New England operating territory," Best said in a statement. "Additionally, NLC’s strong capitalization will provide sufficient time to fully integrate the new operations without materially impacting the pool’s overall results or financial strength."
