AM Best Assigns Credit Ratings to 1842 Insurance Company
AM Best Assigns Credit Ratings to 1842 Insurance Company
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of a to 1842 Insurance Company (1842) (Bel Air, MD). The outlook assigned to these Credit Ratings (ratings) is stable. 1842 is a newly formed member of Harford Mutual Insurance Group (Harford).
The ratings reflect 1842s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Recently, management underwent a reorganization of Harford into a mutual holding company structure, and 1842 was added to the group. With the addition of 1842, management decided to terminate an existing pooling agreement between two existing members and implement a 100% quota share reinsurance contract between all group members. 1842 will cede 100% of all writing and liabilities to Harford.