AM Best Places Credit Ratings of Curi Holdings Group’s Members Under Review With Developing Implications Following Merger Announcement

AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the members of Curi Holdings Group (Curi) (Raleigh, NC).

These Credit Ratings (ratings) were placed under review with developing implications following the announcement that Curi Holdings, Inc. has signed a merger agreement with Constellation, Inc. (Constellation), a Minnesota mutual insurance holding company. Constellation, through its insurance subsidiaries, is a leading provider of medical professional liability coverage in the Midwest, the Mountain states and Arkansas.

The ratings will remain under review until the transaction closes and AM Best has assessed the impact on Curi's credit fundamentals, including the financial and operational impacts and potential benefits to be recognized. The combined organization is expected to continue to provide products and services to physicians, health care providers, and organizations. The merger is subject to all customary closing conditions, including member and regulatory approvals, and is expected to be completed in the second half of 2023.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been placed under review with developing implications for the following members of Curi Holdings Group:

• Medical Mutual Insurance Company of North Carolina
• Medical Security 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 www.ambest.com.

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