AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Old Glory Insurance Company, based in Tyler, Texas. Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect Old Glory’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
The revised outlooks to negative reflect AM Best’s concerns with the uncertainty of the future of Old Glory in the intermediate term as the organization considers strategic alignment of its business profile and how this may potentially impact the company’s balance sheet strength, operating performance or ERM.
Incorporated in 2003, Old Glory says it provides workers’ compensation insurance and services for small to mid-size businesses.
The company is licensed in Arkansas, Louisiana, Mississippi, New Mexico, Oklahoma, and Texas. According to Old Glory’s website, marketing and underwriting are handled by Managing General Agency Patriot National Underwriters, Inc., located in Dallas, Texas.
Source: AM Best
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