A.M. Best has affirmed the financial strength rating of "A" (Excellent) of Jacksonville-based The Main Street America Group and its five wholly owned subsidiaries: NGM Insurance Company, MSA Insurance Company, Main Street America Assurance Company, Old Dominion Insurance Company and Great Lakes Casualty Insurance Company. The outlook for all ratings is stable.
The super-regional property and casualty carrier achieved a $43.6 million underwriting profit in 2008, the largest in its 85-year history and 38 percent higher than its 2007 underwriting profit of $31.7 million.
Its combined ratio was 94.9, outpacing its 2007 combined ratio of 95.8. Several of its operating units also achieved strong combined ratios in 2008: commercial lines (89.4); surety (85.5); Jacksonville region (81.6), which includes Florida and Georgia; and Syracuse region (93.4), which includes New York State and Pennsylvania.
At year-end 2008, Main Street America had $1.8 billion in assets, surplus of $607 million, and direct written premium of $805 million. More information is available at www.msagroup.com.
