Best Downgrades Teachers Auto; Affirms High Point Group Ratings

A.M. Best Co. has downgraded the financial strength rating (FSR) to “B++” (Good) from “A-” (Excellent) and assigned an issuer credit rating of “bbb” to Teachers Auto Insurance Company of New Jersey, formerly known as Lancer Casualty Company, headquartered in Long Beach, NY. The outlook for both ratings is stable.

“These rating actions are a result of Teachers’ acquisition by the High Point Group” of Red Bank, NJ, Best explained.

At the same time Best affirmed High Point’s FSR of “B++” (Good) and assigned ICRs of “bbb” to High Point Group and its members. The outlook for these ratings is stable.

The FSR of “B++” (Good) has been affirmed and ICRs of “bbb” have been assigned to the High Point Group and its following members:
— High Point Preferred Insurance Company
— High Point Property and Casualty Insurance Company
— High Point Safety and Insurance Company
— Twin Lights Insurance Company