AM Best Places Credit Ratings of State Automobile Mutual Insurance Company & Its Operating Subsidiaries Under Review with Pos...
14 Juillet 2021 - 5:39PM
Business Wire
AM Best has placed under review with positive
implications the Financial Strength Rating of A- (Excellent) and
the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-”
(Excellent) of State Automobile
Mutual Insurance Company (SAM) and its operating
subsidiaries. Concurrently, AM Best has placed under review with
positive implications the Long-Term ICR of “bbb-” (Good) of SAM’s
intermediate holding company, State Auto Financial Corporation
(STFC) [NASDAQ: STFC]. All of the above companies are headquartered
in Columbus, OH. (See below for a listing of the companies.)
The Credit Ratings (ratings) of SAM and its operating
subsidiaries have been placed under review with positive
implications following the announcement that SAM and STFC entered
into an agreement and plan of merger and combination with Liberty
Mutual Holding Company Inc. (LMHC) and its subsidiaries. SAM and
STFC will merge into two LMHC entities and individually become the
surviving members. Under the terms of the agreement, LMHC will
acquire all of the publicly held shares of common stock of STFC for
$52 per share or approximately $1.0 billion in a cash transaction.
The agreement requires SAM member approval, STFC shareholder
approval, regulatory approval and other customary closing
conditions.
The positive implications status reflects AM Best’s expectation
that LMHC will merge SAM and its operating subsidiaries into the
existing organization, with the latter benefiting from the
strategic relationship and intended support provided by LMHC. The
ratings will remain under review until all approvals are finalized,
the transaction closes and AM Best evaluates the overall
impact.
The ratings have been placed under review with positive
implications for the following operating subsidiaries of
State Automobile Mutual Insurance
Company:
- State Auto Property & Casualty Insurance Company
- Milbank Insurance Company
- State Auto Insurance Company of Ohio
- Patrons Mutual Insurance Company of Connecticut
- Meridian Security Insurance Company
- State Auto Insurance Company of Wisconsin
- Rockhill Insurance Company
- Plaza Insurance Company
- American Compensation Insurance Company
- Bloomington Compensation Insurance Company
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210714005727/en/
Christopher Draghi Associate Director +1 908 439 2200,
ext. 5043 chris.draghi@ambest.com
Michelle Baurkot Director +1 908 439 2200, ext.
5314 michelle.baurkot@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Public Relations +1 908 439
2200, ext. 5644 james.peavy@ambest.com
State Auto Financial (NASDAQ:STFC)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
State Auto Financial (NASDAQ:STFC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024