OLDWICK, N.J.–(BUSINESS WIRE)–Sep 25, 2020–
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” for the members of Ally Insurance Group (Ally Insurance). The members include Motors Insurance Corporation and its reinsured subsidiaries, MIC Property and Casualty Insurance Corporation and CIM Insurance Corporation, as well as an affiliate, Ally International Insurance Company Ltd. (AIICL). All companies are domiciled in Detroit, MI, except AIICL, which is domiciled in Bermuda. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Ally Insurance’s balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect drag from the ultimate parent, Ally Financial Inc. [NYSE: ALLY], a bank holding company headquartered in Detroit, MI. Ally Insurance has a substantial and established presence as a specialized writer