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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 05, 2019 08:58 AM (EDT)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings to “a+” from “bbb+” of Superior Specialty Insurance Company (Superior Specialty) (Delaware) (previously did business as Savers Property and Casualty Insurance Company). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Superior Specialty’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 ratings also reflect Superior Specialty’s role as a member of the State National Group. Explicit support is provided to Superior Specialty through its participation in an inter-company pool with the members of the State National Group. Other implicit factors supporting this relationship are common ultimate ownership and management along with a strategic alignment across the organization. The transaction closed on Nov. 2, 2018, and subsequently, the company was renamed, the domicile was changed to Delaware from Missouri and the pooling agreement received regulatory approval.
This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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