The “A-” FSR of the Atlantic Mutual Companies was affirmed by A.M. Best, which indicated that the rating is a reflection of the group’s adequate capitalization and strong franchise, as well as its well-regarded service reputation and strong client relationships. The rating is applicable to the four members which comprise the group: Atlantic Mutual Ins. Co., Atlantic Lloyd’s Ins. Co., Atlantic Specialty Ins. Co., and Centennial Ins. Co. Concurrently, a “bbb” rating was assigned to existing surplus notes issued by the Atlantic Mutual Insurance Company. However, due to the group’s continued weak operating performance, recent prior year development, reduced capitalization and a challenging environment faced in both commercial and personal lines, A.M. Best assigned a negative outlook to the ratings.
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