Donegal Ratings 'Unchanged;' Michigan under Review Negative Says Best
by james
Best said the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Donegal Insurance Group (group) and its members as well as Peninsula Insurance Group and its members, are unchanged following the announcement. However, Best has placed under review with negative implications the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Michigan Insurance Company (MIC). Best said the ratings would “remain under review pending regulatory review, approval and the completion of A. M. Best’s analytical process. The ratings being placed under review with negative implications indicates that they either will be downgraded or affirmed, depending upon A. M. Best’s view of the level of support to be provided by MIC’s new parent, Donegal Group Inc. Best also commented that the ICR of “bbb” of Donegal is unchanged....
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