AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) of Pinnacle National Insurance Co. (Pinnacle National, formerly Alterra America Insurance Co.) in Bedford, Texas. The outlook of these Credit Ratings (ratings) remains stable.
The rating actions reflect the recent transfer of ownership of Pinnacle National to State National Insurance Co. Inc. (SNIC), and its participation in a pooling agreement with other members of the State National Group, led by SNIC. According to information posted on its website, State National serves “lending institutions and specialty lenders of all sizes, providing cost-effective, tailored solutions that safeguard their assets against losses resulting from uninsured collateral.”
The ratings of Pinnacle National reflect the group’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of the other members of the State National Group are unchanged by these actions.
Source: AM Best
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