OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Tri-State Consumer Insurance Company (Tri-State) (Jericho, NY). These Credit Ratings (ratings) were under review with developing implications pending Tri-State’s merger with Stillwater Property and Casualty Insurance Company, which is a member of the Stillwater Insurance Group (Stillwater). The final approval for the merger was received from New York Department of Financial Services and the full merger was completed on Aug. 1, 2021. Tri-State ceased to exist as a legal entity and no final rating action was taken due to the merger. The ratings of Stillwater were not affected by this merger.
Tri-State was acquired by Stillwater as a strategic move by WT Holding, Inc., the ultimate parent of both companies, in an effort to improve process flow, reduce redundancies and to ensure greater integration throughout the organization. Tri-State is a mono-state personal lines insurer writing exclusively in downstate New York. Stillwater will continue to offer homeowners and auto insurance to Tri-State policyholders.
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