AM Best Assigns “Excellent” Credit Ratings to West Virginia Mutual Insurance Company
November 22, 2022by
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to West Virginia Mutual Insurance Company (WVMIC) (Charleston, WV). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect WVMIC’s inclusion as a member company under MAG Mutual Holding Co. (MAG Mutual), which has a consolidated balance sheet strength of strongest, as well as adequate operating performance, a neutral business profile and appropriate enterprise risk management.
The ratings also reflect the explicit support provided to WVMIC through the implementation of a reinsurance pooling agreement with MAG Mutual Insurance Co., the lead company of MAG Mutual.
WVMIC has been a wholly owned subsidiary of MAG Mutual since Nov. 1, 2020, and currently underwrites medical professional liability insurance for physicians and physician networks in West Virginia.
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