OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Hanover Fire & Casualty Insurance Company (Hanover) (King of Prussia, PA).
Hanover, a Pennsylvania-domiciled insurer, provides predominantly personal property lines of business including fire and other liability, burglary/theft, allied lines and homeowners. The company is being acquired by Mid-Hudson Co-Operative Insurance Company (Mid-Hudson) and will join the Mid-Hudson Group subsequently. Mid-Hudson is a predominantly New York State property carrier looking to expand its geographical footprint, as the Hanover acquisition provides access to additional states.
The acquisition is expected to be completed at the end of the first quarter of 2026 subject to regulatory review and approval. Hanover’s ratings will remain under review with negative implications pending approval by the regulatory bodies and AM Best’s evaluation of the integration and future business plans.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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