A.M. Best Company has upgraded the Financial Strength Rating of San Diego, Calif.-based ICW Group Insurance Cos. to “A” (Excellent) from a “Stable” outlook.
A.M. Best said its ratings reflect the company’s balance sheet strength as well as its solid operating performance and appropriate enterprise risk management.
“The ratings upgrade is based on ICW Group’s improved operating and underwriting results over the past several years, driven primarily by favorable loss experience in its leading line of business, workers’ compensation,” A.M. Best stated. “As a result, ICW Group’s five-year average combined and operating ratios outperformed those of the workers’ compensation composite.”
A.M. Best also said ICW Group’s surplus has grown considerably due to the better-than-average underwriting performance coupled with an increasing level of net investment income.
ICW Group is a national insurance carrier offering workers’ comp and earthquake insurance, as well as automobile coverage for individuals.
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