Moody's confirms Atlantic Mutual

Moody's Investors Service announced that it has confirmed the B1 surplus note and Baa3 financial strength ratings of Atlantic Mutual Insurance Co. and it subsidiaries.

The outlook is now negative.

Moody's noted that since the time the review was initiated, Atlantic Mutual has taken some corrective actions including commuting its remaining financial reinsurance treaties and entering into a strategic affiliation with Countrywide Insurance Group. In addition, the company has had favorable development in loss reserves and new policy issuance and retention statistics continue to improve.

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