AM Best has upgraded the ratings of workers’ compensation insurer Synergy Comp Insurance Co. based in Sharon Pennsylvania.
The rating organization upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent).
AM Best said its outlook of these credit ratings has been revised to stable from positive.
AM Best said the ratings reflect Synergy Comp’s balance sheet strength, which AM Best said is very strong, as well as its “strong operating performance, limited business profile and appropriate enterprise risk management.”
The rating upgrades reflect an improved balance sheet strength assessment reflecting modest underwriting and investment leverage measures, sound liquidity ratios, and organic surplus growth achieved through strong operating performance that has driven retained earnings over the long term.
Synergy Comp’s risk-adjusted capitalization has benefited from sustained favorable reserve development patterns, AM Best said. While Synergy Comp’s sustained underwriting profitability has driven the large majority of surplus growth given management’s commitment to accurate pricing and conservative reserving, retained earnings have been augmented by increasing levels of investment income, the ratings agency added.
Last September, Synergy Comp announced its expansion into the states of Illinois, Indiana, Kentucky, and Tennessee through partnerships with managing general agency (MGA) Synergy Select and fronting carrier Benchmark Insurance Co. Synergy Comp is licensed in New Jersey, North Carolina and Pennsylvania and utilizes Synergy Select and Benchmark in Delaware, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, South Carolina, Tennessee, and Virginia.
The company partners with local independent agents to provide safety services to industries ranging from agriculture, healthcare, and social services to food service, manufacturing, school, and waste management.
Topics AM Best
Was this article valuable?
Here are more articles you may enjoy.
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate 
Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination 
Allstate Reports $731M in Q1 Pretax Catastrophe Losses 
Vintage Ferrari Owners’ Favorite Mechanic Charged With Theft, Fraud 
