Auto insurer under A.M. Best review


Casco Indemnity Co. -- which writes auto insurance products in New Hampshire, Maine, Connecticut and Rhode Island -- has been placed under review with developing implications by ratings agency A.M. Best Co.While Casco, based in Saco, Maine, received a financial strength rating of B+ (good) and an issuer credit rating of bbb- (good), NLC Insurance Companies and Casco’s parent, The Hingham Group, are pursuing an "affiliation" that may affect Casco, A.M. Best said"As a result of the affiliation, it is anticipated that Casco's ratings will no longer be impacted via its majority ownership by The Hingham Group. However, in A.M. Best's view, given the company's ongoing poor operating performance and continued declines in risk-adjusted capitalization, uncertainty exists regarding its future strategic direction as part of NLC," said the ratings agency in a report. "The ratings of Casco will remain under review pending further discussions with management, with a final closing expected in the third quarter of 2010."Calls to Casco seeking comment were not returned by deadline.According to the New Hampshire Department of Insurance, Casco received about $4 million in premiums in 2009. – CINDY KIBBE/NEW HAMPSHIRE BUSINESS REVIEW
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