AM Best Places Credit Ratings of Amalgamated Casualty Insurance Company Under Review

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” (Good) of Amalgamated Casualty Insurance Co. (ACIC) (headquartered in Chevy Chase, MD).

The under review status of these Credit Ratings (ratings) reflects the planned demutualization of ACIC that is anticipated to become effective in March 2022. Upon completion, ACIC will convert to a stock company ultimately owned by its subscribing policyholders, employees, officers, directors and other investors.

Concurrently, ACIC will be rebranding as ‘Forge Insurance Company’, as new senior leadership implements the company’s plan to focus future business growth on lower frequency/severity classes and jurisdictions within the commercial auto segment, which management believes should reduce ACIC’s risk profile prospectively. The positive implications status takes into consideration all of the aforementioned factors and significant steps new leadership has taken thus far to strengthen the company’s enterprise risk management framework and capabilities in advance of the transaction, in order to execute on its new business plan going forward.