AM Best upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bb+” (Fair) of The California Casualty Indemnity Exchange in Palo Alto, California.
The upgrade includes its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon, California Casualty & Fire Insurance Co. and California Casualty Insurance Co., all of which comprise California Casualty Group.
The outlook of these Credit Ratings (ratings) is stable. The ratings reflect California Casualty’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.
According to AM Best, the rating upgrades reflect a significant improvement in California Casualty’s overall risk management process, as evidenced by improved operating results and capital position in the last two years. The group’s ERM has been revised to appropriate from marginal
California Casualty’s ERM program includes defined risk appetite and tolerances. The strategic business initiatives implemented by management, including the realignment of its business mix toward stronger-performing affinity groups and exit from underperforming regions, have contributed to its improved earnings stability and more favorable underwriting results, according to AM Best.
Topics California AM Best Casualty
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