AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Golden Bear Insurance Co. in Stockton, Calif.
The outlook of these ratings has been revised to stable from positive.
The ratings reflect Golden Bear’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 rating upgrades are the result of favorable trends in the company’s business profile.
As a specialty insurance writer, offering surplus lines coverage across the U.S. and admitted coverage in California and Arizona, the company enters and exits markets as opportunities arise.
“The dynamic nature of the company’s product offerings has caused material changes in premium composition year over year and premium fluctuations over longer time frames,” AM Best stated. “However, management has a proven track record of being able to target specific markets in which it can gain meaningful market share. This has led to consistent profitability and five-year return measures that outperform the commercial casualty composite.”
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