Merchants Affirmed

Fitch affirmed its “A-” insurer FSR of Merchants Mutual Insurance Company, a Buffalo, N.Y.-based mutual property/casualty insurer; and Merchants Insurance Company of New Hampshire Inc. The outlook for each rating is stable.

The rating is based on each company’s expertise in its chosen insurance markets, sufficient capital position, conservative investment portfolio, experienced management team and favorable historical operating performance. The ratings also looked at the companies’ modest size, geographic concentration and scope of operations relative to peers.