AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of MGA Insurance Company, Inc. (MGA) (Dallas, TX).
The Credit Rating (rating) actions and positive implications reflect the recent announcement that State Farm Mutual Automobile Insurance Company will be acquiring MGA. As part of this transaction, MGA will become part of a larger, more diversified organization with a strong market reputation and expanded geographic footprint. AM Best will monitor this transaction closely and resolve the under review status after the close of the transaction, which is expected to be in early 2021.
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.
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