Credit ratings agency AM Best said Spain-based multinational insurance group MAPFRE SA’s plan to acquire Safety Insurance Group, Inc. is strategically attractive, saying the deal would bring together two insurance companies with similar regional operations and product offerings while strengthening MAPFRE’s position in Massachusetts and supporting its expansion in New England.
The group’s US subsidiary MAPFRE USA Corporation (MAPFRE USA) has reached a final agreement to acquire Safety. Safety is a property and casualty insurance company with a leading market position in Massachusetts and operations in several Northeastern states.
Following the announcement, AM Best said the credit rating of MAPFRE Ratings’ operating subsidiary remained unchanged. The subsidiary continues to maintain an A (excellent) financial strength rating and an “a+” (excellent) long-term issuer credit rating, with a stable outlook.
The agency said the ratings continued to reflect its assessment of MAPFRE’s very strong balance sheet strength, as well as the group’s strong operating performance, sound business profile and appropriate enterprise risk management.
AM Best also highlighted MAPFRE’s international scale and diversity, pointing to its broad product offerings, geographic reach, strong franchises and long-standing customer relationships.
