Phenix Mutual Upgraded

A.M. Best has upgraded the ratings of New Hampshire-based insurer Phenix Mutual Fire Insurance Co.

Best Co. upgraded the financial strength rating to A (Excellent) from B+ (Good) and issuer credit rating to “a” from “bbb-” of Phenix Mutual. Additionally, Best said the ratings have been removed from under review with positive implications and assigned a stable outlook.

Phenix’s ratings were placed under review with positive implications on April 29, following the announcement of the affiliation between Phenix Mutual and Ohio-based Motorists Mutual Insurance Co.

The upgrading of Phenix Mutual’s ratings is supported by the inclusion of the company in the intercompany pooling agreement with The Motorists Insurance Pool. The FSR of A (Excellent) and ICR of “a” of Motorists Mutual are unchanged.

Source: A.M. Best Co.