OLDWICK, N.J.–(BUSINESS WIRE)–AM Finest has commented that the Credit score Scores (rankings) of MAG Mutual Insurance coverage Firm (Atlanta, GA) and Skilled Safety Insurance coverage Firm (Scottsdale, AZ) (collectively known as MAG Mutual) stay unchanged following the announcement that it has agreed to accumulate MDAdvantage Insurance coverage Firm of New Jersey (MDAdvantage) (Lawrenceville, NJ). The transaction is topic to shareholder and regulatory approvals and is predicted to shut earlier than the top of 2022.
On Aug. 15, 2022, MAG Mutual introduced that it had entered right into a definitive settlement to accumulate MDAdvantage, one of many high three suppliers of medical skilled legal responsibility insurance coverage in New Jersey. MAG Mutual will finance the acquisition with current money sources.
AM Finest anticipates MAG Mutual will proceed to keep up supportive risk-adjusted capitalization and general steadiness sheet energy, which is assessed by AM Finest as strongest. MAG Mutual’s satisfactory working efficiency, impartial enterprise profile and applicable enterprise threat administration assessments are usually not anticipated to be impacted by the transaction.
This press launch pertains to Credit score Scores which have been revealed on AM Finest’s web site. For all ranking data referring to the discharge and pertinent disclosures, together with particulars of the workplace answerable for issuing every of the person rankings referenced on this launch, please see AM Finest’s Current Ranking Exercise internet web page. For extra data concerning the use and limitations of Credit score Ranking opinions, please view Information to Finest’s Credit score Scores. For data on the correct use of Finest’s Credit score Scores, Finest’s Efficiency Assessments, Finest’s Preliminary Credit score Assessments and AM Finest press releases, please view Information to Correct Use of Finest’s Scores & Assessments.
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