A.M. Best Upgrades Ratings of Commerce Group Companies
24 January 2000
A.M. Best Upgrades Ratings of Commerce Group Companies
WEBSTER, Mass.--Jan. 24, 2000--The A.M. Best ratings of The Commerce Group, Inc. and its affiliates, The Commerce Insurance Company and Citation Insurance Company of Webster, Massachusetts have been upgraded to A+ (Superior) from A (Excellent). Out of 1,105 groups rated by A.M. Best in 1999, only 126 or 11.4% have received Superior ratings. Commerce President and Chief Executive Officer Arthur J. Remillard, Jr. said that this rating is "a tribute to the overall quality and financial stability of our companies".In announcing the rating upgrade, A.M. Best noted that this rating reflects the companies' capitalization, operating performance and market presence in Massachusetts, derived from the companies' conservative operating strategy, underwriting guidelines and agency relations. "As a leading writer of personal lines business in Massachusetts, Commerce benefits from name recognition, a large underwriting database and market knowledge. The rating also recognizes the financial flexibility afforded by the companies' publicly traded holding company, The Commerce Group, Inc."
A.M. Best also raised the rating for Commerce West Insurance Company to A (Excellent) from A- (Excellent). A.M. Best reaffirmed the A (Excellent) rating of American Commerce Insurance Company. Commerce West and American Commerce Insurance Companies are subsidiaries of Commerce Insurance. Commerce West writes business in California. American Commerce Insurance Company is headquartered in Columbus, Ohio and writes business in 24 states.