AM Best Withdraws Credit Ratings of Anthracite Mutual Fire Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Anthracite Mutual Fire Insurance Company (Anthracite) (Millville, PA) due to an agreement under which its assets will be acquired and liabilities assumed by Millville Mutual Insurance Company (Millville).

Anthracite entered into the agreement in the fourth quarter of 2019 to have its assets acquired and liabilities assumed by Millville, its sister company. Due to the nature of Anthracite’s business and restrictions on its premiums, management said it was in the company’s best interest to enter this agreement. In addition, Anthracite has surrendered its certificate of authority and is no longer a licensed insurer. Management is taking action with the Pennsylvania Department of State to dissolve Anthracite.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200219005774/en/

Josie Novak
Financial Analyst
+1 908 439 2200, ext. 5242
[email protected]

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
[email protected]

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]

Source: AM Best

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