Philadelphia-based PMA Capital Corp. announced that A.M. Best restored the “A-” (excellent) rating with a stable outlook to The PMA Insurance Group.
The announcement completes a one-year period during which PMA Capital stabilized its financial results, protected its primary insurance client base and service franchise and instituted an orderly withdrawal from its reinsurance business while taking the necessary steps to obtain the restoration of The PMA Insurance Group’s “A-” financial strength rating. The upgrade enables the Group to enter the 2005 renewal season with positive momentum and enhanced confidence in its ability to serve its existing customers and to write new business that meets its underwriting standards.
In conjunction with its efforts to restore the financial strength rating, PMA Capital took several actions to strengthen the capital base of the holding company, including the recent completion of an exchange offer for its $86.25 million 4.25 percent Senior Convertible Debentures due 2022.
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