OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the under review status to developing from negative for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Tri-State Consumer Insurance Company (Tri-State) (Jericho, NY).
The change in the under review status for the Credit Ratings (ratings) of Tri-State reflects a strategic shift at the ultimate parent, WT Holdings, Inc. As a result of a strategic review, Tri-State will merge into an affiliate, Stillwater Property and Casualty Insurance Company, which is a member of the Stillwater Insurance Group. Stillwater will continue to offer homeowners and auto insurance to Tri-State policyholders after the merger. The merger is subject to regulatory approval, WT Holdings expects to complete the merger prior to the end of 2020. The ratings will remain under review until the completion of the merger. The ratings of Stillwater Insurance Group are not affected by this merger.
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