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AM Best Comments on Credit Ratings of Members of Norfolk & Dedham Group Pool and Union Mutual of Vermont Companies Following Affiliation Announcement

AM Best has commented that the Credit Ratings (ratings) of the members of Norfolk & Dedham Group Pool (Norfolk & Dedham) (Dedham, MA) and the members of Union Mutual of Vermont Companies (Union Mutual) (Montpelier, VT) remain unchanged following the April 10, 2024, announcement that the entities have entered an affiliation agreement, subject to regulatory approval.

The members of both Norfolk & Dedham and Union Mutual have Financial Strength Ratings of A (Excellent) and Long-Term Issuer Credit Ratings of “a” (Excellent). The outlooks of the ratings for both Norfolk & Dedham and Union Mutual are stable.

The affiliation agreement is not anticipated to have a material impact on the current rating assessments for either group. AM Best will continue to monitor developments as the affiliation goes through the regulatory approval process. Under the affiliation agreement, Joel Murray will remain president and CEO of Norfolk & Dedham and Lisa Keysar will remain president and CEO of Union Mutual. Murray will serve as board chairman of the combined group. Norfolk & Dedham and Union Mutual are planning to participate in an intercompany pooling agreement effective Jan. 1, 2025, under which premiums, losses and expenses are combined and pro-rated, with participation percentages based on the individual members’ policyholder surplus. Norfolk & Dedham will maintain its headquarters in Dedham, MA, and Union Mutual will maintain its headquarters in Montpelier, VT, following the affiliation.

The members of Norfolk & Dedham are Norfolk and Dedham Mutual Fire Insurance Company, Fitchburg Mutual Insurance Company and Dorchester Mutual Insurance Company. The members of Union Mutual are Union Mutual Fire Insurance Company, New England Guaranty Insurance Company, Inc. and Community Mutual Insurance Company.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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