A.M. Best Upgrades Ratings of MAPRE Insurance Company of Florida and Affirms Ratings of MAPFRE Insurance Company.

OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to "a" from "a-" of MAPFRE Insurance Company of Florida (MAPFRE Florida) (Miami, FL). Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the ICR of "a-" of MAPFRE Insurance Company (MIC) (Florham Park, NJ). The outlook for all ratings is stable.

MAPFRE Florida and MIC are wholly owned subsidiaries of The Commerce Insurance Company (CIC). CIC is a subsidiary of Commerce Group, Inc. (Commerce), and the lead company of Commerce's inter-company pool. The subsidiaries of Commerce are ultimately owned by MAPFRE S.A. (MAPFRE) (Spain), a worldwide insurance and financial conglomerate with a presence in more than 40 countries. All companies are domiciled in Webster, MA, unless otherwise specified.

The ratings of MAPFRE Florida reflect its strong risk-adjusted capitalization, recently improved operating performance and overall support provided by Commerce, particularly the explicit support afforded through participation in Commerce's inter-company pooling agreement. These positive rating factors are partially offset by MAPFRE Florida's concentration of business in Florida and its limited product scope, which is focused on commercial property lines.

MIC's ratings recognize its minimal underwriting risk, favorable results of its run-off operations and the overall level of support provided by Commerce, which is partly offset by MIC's as yet fully defined business plan.

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

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

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.