The AM Best rating firm has revised its outlook for South Carolina-based Greenville Casualty Insurance Co., from positive to stable.
The insurer’s financial strength rating remained the same at “B (fair),” along with its long-term issuer credit rating, of “bb+ (fair),” AM Best said in a bulletin posted Tuesday.
The rating firm said that the downgraded outlook reflects the “substantial deterioration” in Greenville Casualty’s underwriting and operating performance in 2021, which resulted in a moderate decline in surplus.
The numbers fell well short of management’s financial projections and were driven by a sharp decline in net premiums written due to the runoff of GCI’s private passenger, non-standard auto program, along with a delay in a new ISO-based program, AM Best reported. The deterioration in underwriting results also was driven by the settlement of two bad faith claims.
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