A.M. Best Affirms Ratings of PMA Insurance Group, Its Members and PMA Capital Corporation
May 19 2008 - 4:15PM
Business Wire
A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and issuer credit ratings (ICR) of �a-� of PMA
Insurance Group (Blue Bell, PA) and its pooled members,
Pennsylvania Manufacturers� Association Insurance Company,
Pennsylvania Manufacturers Indemnity Company and Manufacturers
Alliance Insurance Company. Concurrently, A.M. Best has affirmed
the ICR of �bb� and debt ratings of the parent, PMA Capital
Corporation (PMA Capital) (Blue Bell, PA) [NASDAQ: PMACA]. The
outlook for all the above ratings is stable. (See link below for a
detailed listing of the companies and ratings.) The ratings reflect
PMA Insurance Group�s supportive capitalization, improved operating
profitability in recent years and strong regional workers�
compensation market presence. Partially offsetting these positive
rating factors is recent growth in both premium and reserves, which
has outpaced growth in surplus, as well as A.M. Best�s concern with
the group�s ability to sustain the recent improvement in operating
performance given softening market conditions. Also, given that PMA
Insurance Group represents PMA Capital�s largest ongoing business
segment, the group�s capitalization could potentially be impacted
by holding company and debt servicing obligations. Despite these
concerns, the outlook reflects A.M. Best�s expectation for solid
underwriting performance and continued supportive overall
capitalization. For a complete listing of PMA Insurance Group and
PMA Capital Corporation�s FSRs, ICRs and debt ratings, please visit
www.ambest.com/press/051907pma.pdf. Founded in 1899, A.M. Best
Company is a global full-service credit rating organization
dedicated to serving the financial and health care service
industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit
www.ambest.com.
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