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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 12, 2019 03:31 PM (EDT)
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Ardellis Insurance Ltd. (Ardellis) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Ardellis’ balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Ardellis is a wholly owned subsidiary of Universal Forest Products, Inc., and provides reimbursement coverage for general liability, auto liability, workers’ compensation, property and medical stop-loss to its parent. Ardellis also assumes medical stop-loss exposure from third parties, and this business is fast-growing. Currently, approximately half of Ardellis’ premiums come from its parent. Any significant deterioration in operating performance, significant erosion in risk-adjusted capitalization or rapid growth in premiums could result in downward movement in the ratings or outlooks.
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.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.