|[June 19, 2014]
A.M. Best Affirms Financial Ratings of The Main Street America Group and its Member Companies
JACKSONVILLE, Fla. --(Business Wire)--
A.M. Best Co. has affirmed the financial strength rating (FSR) of "A"
(Excellent) and the issuer credit rating (ICR) of "a+" of super-regional
property/casualty insurance carrier The Main Street America Group and
its nine member companies. The outlook for these ratings is stable.
The Main Street America Group's member companies are NGM Insurance
Company, Old Dominion Insurance Company, Austin Mutual Insurance
Company, Grain Dealers Mutual Insurance Company, Great Lakes Casualty
Insurance Company, Main Street America Assurance Company, Spring Valley
Mutual Insurance Company, MSA Insurance Company and Main Street America
Protection Insurance Company.
In its ratings analysis, A.M. Best stated, "The ratings and outlooks
reflect Main Street America Group's focused marketing and branding
strategies, disciplined underwriting philosophy and pricing
segmentation, and have engendered Main Street America's solid
risk-adjusted capitalization, historically positive operating
performance and diversified product offerings."
Tom Van Berkel, chairman and chief executive officer of Main Street
America, said, "We are very pleased with the affirmation of The Main
Street America Group's financial strength and issuer credit ratings.
These strong ratings from A.M. Best underscore the solid foundation from
which we can continue to profitably grow our organization and achieve
our financial goals."
In 2013, Main Street America surpassed $1 billion in written premium for
the first time in its 90-year history. It also increased surplus to $981
million and total assets to more than $2.1 billion.
About A.M. Best
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, please visit, www.ambest.com.
About The Main Street America Group
With roots dating back to 1923, The Main Street America Group is a
super-regional insurance company which writes business through its nine
property/casualty insurance carriers: NGM Insurance Company, Old
Dominion Insurance Company, Main Street America Assurance Company, MSA
Insurance Company, Great Lakes Casualty Insurance Company, Grain Dealers
Mutual Insurance Company, Main Street America Protection Insurance
Company, Spring Valley Mutual Insurance Company and Austin Mutual
Insurance Company. Based in Jacksonville, Fla., Main Street America
offers a wide range of commercial and personal insurance, as well as
fidelity and surety bond products, to individuals, families and
businesses throughout the United States.
With more than $1 billion in premium written exclusively by 3,000
independent insurance agents, the 91-year-old company insures more than
650,000 policyholders in 36 states and writes bonds in 45 states. A.M.
Best Company rates The Main Street America Group with an "A" (Excellent)
financial strength rating and "a+" issuer credit rating. Main Street
America is the founding company partner of Trusted Choice®, the global
branding program of the Independent Insurance Agents & Brokers of
America. Main Street America is also a founding company partner of the
new independent agency system Consumer Agent Portal
(CAP)/TrustedChoice.com and the Insurance Institute for Business & Home
Safety (IBHS) Research Center. For more information about Main Street
America, please visit our newsroom at http://msagroup.newshq.businesswire.com/
or connect with us on Facebook (News - Alert) at www.facebook.com/MainStreetAmerica.
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