A.M. Best Places Ratings of First Nonprofit Insurance Company Under Review With Positive Implications

  A.M. Best Places Ratings of First Nonprofit Insurance Company Under Review
  With Positive Implications

Business Wire

OLDWICK, N.J. -- January 4, 2013

A.M. Best Co. has placed under review with positive implications the financial
strength rating of A- (Excellent) and issuer credit rating of “a-” of First
Nonprofit Insurance Company (FNIC) (Chicago, IL).

The under review status follows the announcement that FNIC has entered into a
definitive agreement under which it will become part of the AmTrust Financial
Services, Inc. group. As part of the transaction, FNIC's parent, Mutual
Insurers Holding Company will be demutualized and converted into a stock
holding company, which will continue to own FNIC. The positive implications
reflect the expected benefits to be derived by being part of a much larger
organization with access to additional financial and managerial resources.

The transaction is expected to close during the first half of 2013 and is
subject to regulatory and policyholder approval.

The principal methodology used in determining these ratings is Best’s Credit
Rating Methodology, which provides a comprehensive explanation of A.M. Best’s
rating process and contains the different rating criteria employed in the
rating process. Key criteria utilized include: “Risk Management and the Rating
Process for Insurance Companies”; “Understanding BCAR for Property/Casualty
Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating
Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more information,
visit www.ambest.com.

       Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contact:

A.M. Best Co.
Marc Liebowitz, 908-439-2200, ext. 5071
Senior Financial Analyst
marc.liebowitz@ambest.com
or
Gerard Altonji, 908-439-2200, ext. 5626
Assistant Vice President
gerard.altonj@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com
 
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