A.M. Best Co. has assigned a financial strength rating of “A” (Excellent) and issuer credit rating of “a” to Veterinary Pet Insurance Co. of Brea, Calif. The outlook assigned to both ratings is stable.
VPI is a wholly owned subsidiary of Scottsdale Insurance Co. Both VPI and Scottsdale are members of the Nationwide Group, domiciled in Columbus, Ohio.
“VPI’s ratings reflect its strong risk-adjusted capitalization, favorable operating performance over the past five years and market presence as the nation’s oldest and leading writer of individual pet accident and health insurance coverages,” the rating agency said. “Partially offsetting these positive factors are VPI’s narrow product focus and its elevated, albeit reduced, underwriting leverage.”
The ratings of VPI benefit from its ownership by Scottsdale and membership within the Nationwide group of companies, A.M. Best added.
VPI writes pet accident and health insurance nationwide.