Ratings agency A.M. Best says the financial strength (FSR) and issuer credit (ICR) ratings of Boston insurer ProMutual Group will remain unchanged after a recent announcement that ProMutual intends to acquire FinCor Holdings Inc., which operates insurance subsidiaries in Michigan and Washington.
ProMutual and its parent, Medical Professional Mutual Insurance Co., have an FSR of ‘A-‘ and an ICR of ‘a-,‘ Best said.
FinCor and its operations include MHA Insurance Company of Lansing, Mich., and Washington Casualty Company of Issaquah, Wash., along with three non-insurance company subsidiaries. When the acquisition is completed, ProMutual’s common shareholders will be entitled to receive cash totaling $164 million at close.





