SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report: April 30, 1997
(Date of earliest event reported)
NORTH EAST INSURANCE COMPANY
(Exact name of registrant as specified in its charter)
Maine 0-11184 01-0278387
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
482 Payne Road, Scarborough, Maine 04074
(Address of principal executive offices) (Zip code)
Registrant's telephone number: (207) 883-2232
Item 5. Other Events.
North East Insurance Company ("NEIC") on April 30, 1997 announced that
A.M. Best Company has upgraded NEIC to a "B-" rating. A.M. Best publishes
ratings of financial condition of more than 2,400 property and casualty
insurers and more than 1,500 life and health insurers. A "B-" rating is
described as follows:
"B AND B- (ADEQUATE) - Assigned to companies which, in our opinion, have
demonstrated adequate overall performance when compared to the standards
established by A.M. Best Company. B and B- companies have an adequate
ability to meet their obligations to policyholders, but their financial
strength is vulnerable to unfavorable changes in underwriting or economic
conditions."
Prior to the upgrade, NEIC carried a "D" rating from A.M. Best. NEIC had
previously announced its intention to seek an improved rating on the basis
of a significant improvement in its financial condition and resolution of
uncertainties surrounding sale of a large block of NEIC common stock
formerly held in a non-voting trust.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
NORTH EAST INSURANCE COMPANY
Date: May 5, 1997 By: /s/ Graham S. Payne
Treasurer and Chief Financial Officer
