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.
Topics Trends AM Best Casualty South Carolina
Was this article valuable?
Here are more articles you may enjoy.
Suspects in Louvre Heist in Custody After Week-Long Manhunt 
Alaska Airlines Vows IT Upgrades After Outage Forces 400 Flight Cancellations 
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes 
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
