12/08/2020 | Press release | Distributed by Public on 12/08/2020 08:17
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DECEMBER 08, 2020 09:05 AM (EST)
AM Best Assigns Credit Ratings to MMIC Risk Retention Group, Inc.
Senior Financial Analyst
+1 908 439 2200, ext. 5039
Manager, Public Relations
+1 908 439 2200, ext. 5159
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 08, 2020 09:05 AM (EST)
AM Best has assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a¬' to MMIC Risk Retention Group, Inc. (MMIC RRG) (Washington D.C.). The outlook assigned to these Credit Ratings is stable. MMIC RRG is a sponsored risk retention group of Constellation, Inc., the parent company of MMIC Insurance, Inc., which is the lead member of Constellation Insurance Group (Constellation).
The ratings of MMIC RRG reflect the consolidated balance sheet strength of Constellation, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating assignment level reflects MMIC RRG's role as a member of Constellation. Explicit support is provided to MMIC RRG through participation in a quota share reinsurance program with MMIC Insurance, Inc. In addition, MMIC RRG is fully integrated into Constellation's operations and strategic plans, including a centralized management structure.
Constellation sponsored the formation of MMIC RRG in 2011 to meet the geographic expansions needs beyond its licensed territories. Constellation specializes in providing medical professional liability insurance to physicians, clinics, hospitals and other healthcare facilities, ancillary healthcare providers, long term care facilities and also offers self-insured retention options.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.