Ratings agency A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” for the members of the AmeriTrust Insurance Group (AmeriTrust), which operate under an intercompany reinsurance pooling agreement.
The Credit Ratings (ratings) reflect AmeriTrust’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management.
The positive outlook reflects steps taken by AmeriTrust’s new executive team to improve underwriting results and develop a sustainable long-term business plan. A.M. Best will continue monitoring the new team’s progress against its plan. Sustained, favorable long-term operating performance remains a key rating factor going forward. Rating factors that could impact the outlook adversely include unfavorable operating profitability trends, outsized underwriting or investment losses and a decline in risk-adjusted capital that does not support the current rating levels.
In response to A.M. Best’s actions, AmeriTrust President and CEO Kenn R. Allen commented in a company release: “Over the past 18 months, our executive team has made significant enhancements to our business model, processes, and underwriting acumen. We are encouraged that A.M. Best has acknowledged these enhancements by upgrading our rating outlook to positive. I would like to thank our valued agency/broker partners for their continued support of AmeriTrust Group.”
The outlooks have been revised to positive from stable and the FSR of B++ (Good) and Long-Term ICRs of “bbb+” have been affirmed for the following members of the AmeriTrust Insurance Group:
- Star Insurance Company
- Century Surety Company
- Savers Property and Casualty Insurance Company
- ProCentury Insurance Company
- Williamsburg National Insurance Company
- Ameritrust Insurance Corporation
Source: A.M. Best
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