A.M. Best Withdraws Ratings of Hanover Fire & Casualty Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has affirmed the financial strength rating (FSR) of B+ (Good) and issuer credit rating (ICR) of “bbb-” of Hanover Fire & Casualty Insurance Company (Hanover) (Conshohocken, PA). Concurrently, A.M. Best has withdrawn the ratings at the company’s request and assigned a category NR-4 to the FSR and an “nr” to the ICR.

The ratings reflect Hanover’s adequate level of capitalization, portfolio of conservatively invested assets and expertise in its marketing niche, which has produced favorable loss ratios. Offsetting these positive rating factors are the company’s high underwriting leverage and expense ratios and concentration of exposures.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

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.