A.M. Best Places Ratings of Great Lakes Casualty Insurance Company Under Review With Positive Implications

Business Wire,  May 14, 2008  

Tags: A.M. Best Co.

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OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength ratings (FSR) of B- (Fair) and issuer credit rating (ICR) of "bb-" of Great Lakes Casualty Insurance Company (GLC) (Grand Rapids, MI) under review with positive implications.

The under review status with positive implications reflects the effects on GLC's ratings of Main Street America Group's (MSA) (Jacksonville, FL) announcement today that a definitive agreement to purchase GLC from its parent, Newco Financial Holdings, Inc., has been reached

The ratings will remain under review pending further discussions with the managements of GLC and MSA on GLC's future role within MSA, as well as the conclusion of the agreement. Prior to the conclusion of the agreement, A.M. Best will continue to monitor the unfolding situation and react as necessary.

MSA's FSR of A (Excellent) and ICR of "a" are unchanged.

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

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.

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