A.M. Best Co. announced it has upgraded the financial strength rating of Beacon Insurance Group (Beacon) of Wichita Falls, Texas, and its members to “B+” (Good) from “B-” (Fair) and assigned issuer credit ratings of “bbb-“. The FSR has been removed from under review, and both the FSR and ICRs have been assigned a positive outlook.
In March 2007, Beacon was acquired by State Automobile Mutual Insurance Company (SAMI), which is a member of the State Auto Insurance Companies (Columbus, Ohio). The rating upgrade reflects A.M. Best’s opinion that Beacon is now part of a financially stronger organization, which is anticipated to yield considerable benefits going forward. In addition, net leverage and risk-adjusted capitalization are anticipated to improve further over the near term.
Beacon recently announced plans to begin offering auto insurance in Oklahoma, it’s 23rd state.
Source: A.M. Best
Was this article valuable?
Here are more articles you may enjoy.
Here’s a List of Gulf Energy Infrastructure Damaged in Iran War 
Electric Bills in Coal Country West Virginia Now Top Mortgage Payments 
Florida Mobile Home Insurance Market Still Struggling With Premiums, Coverage 
Convicted Insurance Mogul Lindberg Should Pay $1.6B Restitution to Companies 
