Insurance ratings firm A.M. Best Co. has affirmed the financial
strength rating of B+ (Good) and issuer credit rating of “bbb-” of States
Self-Insurers Risk Retention Group, Inc. ((Vermont). The outlook for both ratings is negative.
Concurrently, A.M. Best has withdrawn the ratings and assigned a category NR-4 (Company Request) to States Self-Insurers. This is in response to management’s request that the company be removed from A.M. Best’s interactive rating process.
The captive provides excess liability insurance to medium-sized public entities.
A.M. Best said the ratings reflect States Self-Insurers’ good level of capitalization relative to the risks assumed, its history of moderate pretax operating income and its sound liquidity position. The ratings also reflect its niche market expertise serving public entities.
However. partially offsetting these favorable rating factors are the company’s history of adverse loss reserve development, high ceded leverage and the relatively high retention per occurrence compared to available surplus, A.M. Best reported.
Source: Best’s Ratings
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