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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 03, 2018 01:31 PM (EDT)
A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Yosemite Insurance Company (Yosemite) (Evansville, IN). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company is no longer participating in A.M. Best’s interactive rating process.
The ratings reflect Yosemite’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
The rating affirmations take into consideration the uncertainty that the current capital level will be supportive of the risks given the long-tail nature of the reserves and their development pattern following its acquisition by Enstar Holdings (US) LLC on Sept. 30, 2018. In addition, the ratings reflect the very limited business profile given Yosemite’s run-off status, as its level of geographic and product diversification is expected to erode in the future.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.