SEPTEMBER 27, 2019 10:06:02 Eastern Daylight Time
AM Best Revises Outlooks to Positive for Briar Creek Mutual Insurance Company
FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 27, 2019 10:06:02 Eastern Daylight Time
The Credit Ratings (ratings) reflect BCMIC’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The positive outlooks reflect favorable trends in key components of balance sheet strength, such as risk-adjusted capitalization, liquidity, underwriting and reserving leverage, reserve development, and policyholders’ surplus growth.
BCMIC’s operating performance is assessed as strong due to profitable underwriting results over the past ten years; a combined ratio that historically outperforms the industry composite and U.S. property/casualty market averages; return on revenue measures, which also outperform the same respective benchmarks, and consistently low operating volatility.
BCMIC’s business profile is assessed as limited, due to its geographic concentration in Northeast Pennsylvania, which exposes results to frequent and severe weather-related events, as well as potential judicial, economic, competitive, or regulatory challenges.
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 credit rating agency and information provider with an exclusive focus on the insurance industry.