AM Best Assigns Issue Credit Rating to Maine Mutual Group’s New Senior Unsecured Notes

APRIL 22, 2026 03:02 PM (EDT)

AM Best Assigns Issue Credit Rating to Maine Mutual Group's New Senior Unsecured Notes

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FOR IMMEDIATE RELEASE

OLDWICK - APRIL 22, 2026 03:02 PM (EDT)
AM Best has assigned a Long-Term Issue Credit Rating of "bbb" (Good) to the USD 35 million, 9.5% senior unsecured notes, due 2046, issued by Maine Mutual Group (Presque Isle, ME). The outlook assigned to the Credit Rating (rating) is negative.

Management plans to restructure a portion of its existing bank debt in an attempt to improve the efficiency and flexibility of the group's capital structure through the issuance of the senior unsecured notes. A portion of the funding will be invested in technological advancements that will allow for a significant increase in automation and product/pricing enhancements at the operating company with the goal of future cost reductions. Furthermore, a portion of the proceeds will be utilized to support growth to maintain underwriting leverage ratios at acceptable levels.

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 (BCR), Best's Performance Assessments (PA), Best's Preliminary Credit Assessments (PCA) 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.