A.M. Best Revises Ratings Outlook to Negative from Stable on Hanover Fire and Casualty Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. 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 B+ (Good) and the 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 bbb- of Hanover Fire and Casualty Insurance Company (Conshohocken, Pennsylvania Conshohocken is a borough on the Schuylkill River in Montgomery County, Pennsylvania, in suburban Philadelphia. Historically a large mill town and industrial and manufacturing center, after the decline of industry in recent years Conshohocken has developed into a center of ). The outlook on both ratings has been revised to negative from stable. The change in outlook is the result of a decline in the company's prospective risk-adjusted capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. following the signing of a definitive agreement to merge with another property/casualty mutual insurer. The change in outlook also reflects the integration risks associated with the merger and the substantial increase in business anticipated. Hanover Fire and Casualty's ratings reflect its adequate level of capitalization that includes a portfolio of conservative invested assets and an expertise in its target market. The signing of the agreement was approved by Hanover Fire and Casualty's Board of Directors. The closing of the transaction is subject to shareholder and regulatory approval; however, it is expected to close by the end of the third quarter. 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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