AmeriTrust Group Inc.’s five insurance carrier subsidiaries have received an upgraded Financial Strength Rating (FSR) of “A-” (Excellent) from A.M. Best, the insurance industry credit rating organization.
A.M. Best also upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “bbb+”. The outlook of these Credit Ratings (ratings) has been revised to stable from positive for the Southfield, Michigan-based firm.
AmeriTrust’s five insurance underwriting entities are Star Insurance Co., Century Surety Co., ProCentury Insurance Co., Williamsburg National Insurance Co. and Ameritrust Insurance Corp.
A.M. Best said that the upgrade reflects AmeriTrust’s improved enterprise risk management capabilities including improvements in internal controls, risk identification, risk appetite, stress testing, and governance and risk culture. In addition, AmeriTrust’s operating performance improved in 2018 as a result of “significant corrective actions” over the past few years by the organization’s new management team. AmeriTrust’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed as “strongest.”
According to the rating agency, as of March 31, 2019, AmeriTrust’s statutory surplus was $613.5 million.
In October 2017, the company changed its name from Meadowbrook Insurance Group Inc. to AmeriTrust.
Since 2015, AmeriTrust has been owned by China’s Fosun International Limited.
The current management team has been in place since November 2016.
“Achieving this rating upgrade from A.M. Best has been our collective goal throughout the organization,” said Kenn R. Allen, AmeriTrust president and CEO. “We diligently executed our corporate initiatives and applied our core values to reach this milestone.”
Last April, A.M. Best affirmed its FSR of B++ (Good) and Long-Term ICRs of “bbb+” for members of the AmeriTrust.
Founded in 1955, AmeriTrust Group is a commercial insurance underwriter and insurance administration services provider. It is comprised of four distribution segments: admitted carrier operations, excess and surplus lines carrier operations, wholesale managing general underwriter/agency and third-party administration operations, and retail insurance agency operations.
AmeriTrust offers specialty products to independent agencies, governmental entities, select industry, trade and professional associations, and affinity partners. Its five insurance companies are licensed on both an admitted and non-admitted basis.
Related:
- 2018: Ratings Outlooks Revised to Positive for Michigan’s AmeriTrust
- China’s Fosun to Buy Meadowbrook Insurance for $433M
- Michigan Regulators OK Meadowbrook/Fosun International Transaction
Topics AM Best
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