A.M. Best Affirms Rating of Main Street America Group.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) of Main Street America Group (MSAG MSAG Master Street Address Guide MSAG Multiservice Access Gateway MSAG Multifunction Self-Aligned Gate MSAG Media Support Advisory Group MSAG Mt. San Antonio Gardens (Pomona and Claremont, CA Green House retirement project) ) and its four members led by NGM See NetWare Global Messaging. Insurance Company (NGM) and including affiliated insurers Main Street America Assurance Company, MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. Insurance Company (South Carolina) and Old Dominion Insurance Company. The rating outlook is stable. All companies are domiciled in Jacksonville, FL unless otherwise specified. The rating affirmation reflects MSAG's excellent risk-adjusted capitalization, favorable operating performance, diversified product offerings and established regional presence along the East Coast. The rating also considers the financial flexibility afforded MSAG by its mutual holding company structure, which includes a 95.1% equity ownership in Main Street America Group, Inc. (MSAGI), an intermediate holding company, which owns 100% of the equity in NGM and the other affiliates. MSAG is susceptible to weather-related losses due to its geographic concentration in the Northeast and coastal exposure from Maine to Florida. However, the exposures in these areas are managed through an extensive risk mitigation strategy and comprehensive reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. program. The rating considered the group's debt leverage following MSAG's restructuring of White Mountains Insurance Group's (White Mountains) (Bermuda) [NYSE NYSE See: New York Stock Exchange : WTM WTM World Travel Market (London) WTM World Tamil Movement WTM What's the Matter? WTM Windows Task Manager WTM Web, Trattamenti e Materiali (Italian) WTM Winner Takes Most WTM Wind Tunnel Model ] 50% equity interest in Main Street America Holdings, Inc. (MSAH), a downstream holding company. During 2006, MSAH paid a $70 million cash dividend to White Mountains and MSAGI issued $70 million of 9% non-voting, cumulative perpetual preferred stock and 4.9% of its common stock in exchange for 100% of White Mountains' common stock in MSAH. 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 full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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