Excess workers’ compensation carrier, Safety National Casualty Corp., announced that three major insurance rating agencies have increased the company’s ratings.
While Safety National’s A.M. Best financial strength rating remains “A”, the agency has upgraded Safety National’s issuer credit rating from “A” to “A+,” Moody’s has upgraded Safety National’s rating from “A3” to “A2,” and Fitch Ratings has upgraded Safety National’s rating from “A-” to “A+,” the St. Louis, Mo.-based insurer said.
With the completion of the merger between Delphi Financial Group, Safety National’s parent company, and Tokio Marine Holdings, Safety National is backed by Tokio Marine Holdings, a global company with approximately $200 billion in assets, the company said.
A.M. Best’s ratings provide an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations.
Moody’s issuer ratings offer an opinion of an issuer’s general creditworthiness.
Fitch Ratings’ credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations.
Source: Safety National