A.M. Best has commented that the financial strength rating of A (Excellent) and the issuer credit ratings of "a+" of the member companies of Western National Insurance Group are unchanged following the announcement that lead company Western National Mutual Insurance Company (Western National) (Edina, MN) has reached an affiliation agreement with Michigan Millers Mutual Insurance Company (Michigan Millers) (Lansing, MI). The affiliation is expected to be finalized in the first quarter of 2015, and is subject to regulatory approvals and other customary closing conditions.
With this acquisition, the companies will increase their geographical diversification and expand their market reach, as well as realize numerous operational expense savings initiatives. In addition, Western National will immediately provide various means of implicit and explicit support to Michigan Millers’ 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.
Key insurance criteria reports utilized:
- Risk Management and the Rating Process for Insurance Companies
- Understanding BCAR for Property/Casualty Insurers
- Rating Members of Insurance Groups
- Catastrophe Analysis in A.M. Best Ratings
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