A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Beazley Insurance Company, Inc. (BICI), which is based in Farmington, Conn. The outlook for both ratings is stable. “These ratings reflect BICI’s strong stand-alone risk-adjusted capitalization, as well as the explicit support provided through quota share reinsurance agreements with Lloyd’s Syndicate 2623 and Lloyd’s Syndicate 623,” Best explained. Beazley plc, a Jersey company manages both syndicates [See IJ web site - http://www.insurancejournal.com/news/international/2009/10/28/104848.htm]. In addition, BICI benefits from third-party credit risk protection provided by Beazley. “Partially offsetting these positive rating factors is the significant challenge BICI faces during its early stages of operation to grow its business profitably in competition with established brands.”
A.M. Best Co. has affirmed the financial strength rating of ‘A-’ (Excellent) and issuer credit rating of “a-” of Vermont-based captive insurer Prism Assurance, Ltd., both with stable outlooks. “The ratings reflect Prism’s strong capitalization and improved operating performance in recent years,” said Best. The ratings also consider Prism’s strategic role as the captive insurance company of Minnesota-based Apogee Enterprises, Inc. and the substantial financial flexibility available to Prism as part of Apogee.
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