Ratings agency A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Delta Lloyds Insurance Company of Houston Texas (Delta Lloyds). The outlook for both ratings is negative.
Concurrently, A.M. Best has withdrawn the ratings in response to the company’s request to no longer participate in A.M. Best’s interactive rating process.
The ratings are reflective of Delta Lloyds’ adequate risk-adjusted capitalization, low underwriting leverages and favorable balance sheet liquidity. In addition, the company has reported generally favorable reserve development in most of the past five years with modest adverse development over the past two years.
The negative outlook reflects Delta Lloyds’ volatile operating results due to continuing unfavorable underwriting results. Delta Lloyds has reported underwriting losses in each of the past five years with the trend continuing in 2015 as the result of frequent and severe weather-related events.
Source: A. M. Best
Topics AM Best
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