Credit rating company A.M. Best Co. has given Webster-based Commerce Group an A+ financial strength rating and an aa- issuer credit rating.
Commerce’s parent holding company, The Commerce Group Inc., which was recently bought by Spanish insurer Mapfre S.A., got an a- credit rating.
A.M. Best said the ratings reflect solid capitalization, operating performance and local market expertise. However, it also said the ratings were hurt by the group’s concentration of business in Massachusetts and its limited product scope, focused on car insurance.
Commerce’s lead company, The Commerce Insurance Co., and four other subsidiaries also received A+ and aa- ratings.
