OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Accident Fund Insurance Company of America (Accident Fund) (Lansing, MI) and its insurance subsidiaries remain unchanged following the announcement that it has agreed to acquire Star Insurance Company (Southfield, MI) and its subsidiaries (collectively referred to as AmeriTrust Group). The transaction is subject to regulatory approvals and is expected to close before the end of 2022.
On April 12, 2022, Accident Fund announced that it has entered into a definitive agreement to acquire AmeriTrust Group from Fosun International Limited. AmeriTrust offers specialty insurance programs and products, including workers’ compensation, commercial package and automotive business coverages, and comprehensive product offerings in various industry segments.
AM Best anticipates that Accident Fund will continue to maintain supportive risk-adjusted capitalization and overall balance sheet strength, which is assessed at the very strong level. AM Best does not expect Accident Fund’s strong operating performance, neutral business profile and appropriate enterprise risk management to be impacted by the transaction. Following the close of the transaction, AM Best will continue to discuss the transaction’s progress with Accident Fund management and assess its impact on operations.
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