A.M. Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Pan-American Casualty Co. (PACC) in Richardson, Texas, a wholly owned indirect subsidiary of Pan-American Casualty Co. (PACC)
The ratings have been assigned a stable outlook. The ratings of Pan-American Life Mutual Holding Co.’s other main insurance subsidiaries (Pan-American Life Insurance Group) remain unchanged.
The ratings reflect PACC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Additionally, PACC benefits from the strategic importance, capital support and integration with the Pan-American Life Insurance Group, as a vehicle for writing employer liability business in Texas, which the state classifies as property/casualty coverage.
In addition, the vast majority of the business will initially be reinsured to an affiliated company, INRECO International Reinsurance Co.
Source: A.M. Best
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