A.M. Best Withdraws Ratings of Select Members of State Auto Insurance Companies
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has withdrawn the financial strength rating of A (Excellent) and issuer credit ratings of "a" of Farmers Casualty Insurance Company (West Des Moines, IA), State Auto Florida Insurance Company (Indianapolis, IN), Beacon National Insurance Company (Wichita Falls, TX) and Beacon Lloyds Insurance Company (Wichita Falls, TX).
The ratings of State Automobile Mutual Insurance Company (Columbus, OH)and its insurance subsidiaries are unchanged. State Auto Insurance Companies are publicly-traded through their intermediate holding company, State Auto Financial Corporation (STFC) (NAS: STFC) .
The withdrawal of the ratings was due to the transactions of Farmers Casualty Insurance Company being merged into State Auto Property and Casualty Insurance Company (West Des Moines, IA), State Auto Florida Insurance Company and Beacon National Insurance Company being merged into Meridian Security Insurance Company (Indianapolis, IN) and Beacon Lloyds Insurance Company being dissolved. These transactions, which were effective December31, 2012, are part of STFC management's ongoing initiatives to streamline its operations.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visitwww.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
A.M. Best Co.
Kenneth Tappen,908-439-2200, ext. 5248
Senior Financial Analyst
Joseph Burtone,908-439-2200, ext. 5125
Assistant Vice President
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
KEYWORDS: United States Europe North America Indiana Iowa New Jersey Ohio Texas
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