AM Best Assigns Credit Ratings to MMIC Risk Retention Group, Inc.
December 8, 2020by
AM Best assigned a Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” to MMIC Risk Retention Group, Inc. (MMIC RRG). The outlook assigned to these credit ratings is stable. MMIC RRG is a sponsored risk retention group of Constellation, Inc., the parent company of MMIC Insurance, Inc., which is the lead member of Constellation Insurance Group.
The ratings of MMIC RRG reflect the consolidated balance sheet strength of Constellation, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating assignment level reflects MMIC RRG’s role as a member of Constellation. Explicit support is provided to MMIC RRG through participation in a quota share reinsurance program with MMIC Insurance. In addition, MMIC RRG is fully integrated into Constellation’s operations and strategic plans, including a centralized management structure.
Constellation sponsored the formation of MMIC RRG in 2011 to meet the geographic expansions needs beyond its licensed territories.