OLDWICK, N.J.–(BUSINESS WIRE)–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” of MGA Insurance Company, Inc. (MGA) (Dallas, TX).
The Credit Rating (rating) actions and positive implications reflect the recent announcement that State Farm Mutual Automobile Insurance Company will be acquiring MGA. As part of this transaction, MGA will become part of a larger, more diversified organization with a strong market reputation and expanded geographic footprint. AM Best will monitor this transaction closely and resolve the under review status after the close of the transaction, which is expected to be in early 2021.
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