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A.M. Best upgrades Conemaugh Valley Mutual Insurance

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A.M. Best upgrades Conemaugh Valley Mutual Insurance

A.M. Best on April 11 upgraded the financial strength ratingto A from A- and the issuer credit rating to "a" from "a-" ofConemaugh Valley Mutual InsuranceCo.

The rating agency also affirmed the financial strength ratingof A and the issuer credit rating of "a" of Allegany Co-op Insurance Co.

The outlook for each rating is stable.

According to A.M. Best, the upgrade reflects Conemaugh Valley'saffiliation with Allegany Co-op through a quota share agreement, along with beingfully integrated into Allegany Co-op's operations. The ratings of both companiesare based on their strong risk-adjusted capitalization, continued surplus growthand favorable underwriting and operating performance, the rating agency said.