A.M. Best affirmed the “A” (excellent) rating of GE’s Employers Reinsurance Corporation (GE ERC) and three of its U.S. entities, including Westport Insurance Corporation, First Specialty Insurance Corporation and GE Reinsurance. The outlook for all remains stable.
Despite concerns about capital availability in reinsurance and insurance markets, Best cited ERC’s excellent risk-adjusted capitalization, improving operating performance and its dominant market presence and distribution capabilities.
The rating agency also applauded the company’s successful re-engineering of its risk portfolio, exiting unprofitable lines of business in favor of lines generating more favorable returns.
Despite an incrementally lower rating, Medical Protective, ERC Group’s medical liability carrier also distinguished itself, earning a stable outlook for its capitalization efforts, underwriting discipline and investment portfolio. Best took note of Medical Protective’s portfolio growth in support of its customers, together with additional reserves taken to pay obligations from recent accident years in revising its financial strength rating to “A-” from “A”, still an “excellent” rating.
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