A.M. Best Places Ratings of MEEMIC Insurance Company Under Review With Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed 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) and issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a-"of MEEMIC Insurance Company (MEEMIC) (Auburn Hills, MI) under review with negative implications. These rating actions follow ProAssurance Corporation's (ProAssurance) (NYSE NYSE See: New York Stock Exchange : PRA PRA - PRAgmatics. The language used by COPS for specification of code generators. ["Metalanguages of the Compiler Production System COPS", J. Borowiec, in GI Fachgesprach "Compiler-Compiler", ed W. Henhapl, Tech Hochs Darmstadt 1978, pp. 122-159]. ) (Birmingham, AL) announcement that it entered into a definitive agreement to sell MEEMIC to Motors Insurance Corporation, a member of GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Insurance Group (GMACI). The transaction is subject to regulatory approval and is expected to be completed in the first quarter of 2006. The FSRs and ICRs of ProAssurance's professional liability subsidiaries as well as the rating of ProAssurance's senior unsecured convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. are unchanged by this transaction. The under review status with negative implications mirrors that of GMACI. The FSR of A- (Excellent) and ICR of "a-"of GMACI are currently under review with negative implications reflecting the financial pressures that exist at GMACI's ultimate parent, General Motors Corporation. Over the years, ProAssurance Group has benefited from the diversified earnings source derived through MEEMIC's personal lines business, which accounts for nearly one-third of ProAssurance's consolidated earnings. However, ProAssurance believes that scale within the personal lines business is needed to succeed in this increasingly competitive marketplace. A.M. Best expects that the proceeds of the transaction will be deployed to its core professional liability business. Prospectively, ProAssurance should continue to benefit from the strong operating performance associated with this business and its business position as a leading writer of these coverages in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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