Press Release - OCTOBER 02, 2019
AM Best Affirms Credit Ratings of Journey Insurance Company
FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 02, 2019
The ratings reflect Journey’s 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 (ERM).
Journey is majority owned by United Insurance Holdings Corp. (United) [NASDAQ: UIHC]. Journey was created in 2018 to take advantage of market opportunities within Florida, Texas and South Carolina, specifically regarding property coverage. The company’s balance sheet strength assessment was influenced by the infusion of significant capital intended to support its growth as it relates to underwriting, credit and investment risks. United provides strategic administration and operational support as it pertains to underwriting, ERM, claims, leadership and other functions. The ratings and outlooks consider the substantial support and proven track record of United.
Maintaining the rating and outlook at current levels will depend on successful execution of development plans as described by management, efficient use of strategic business partnerships, and effective management of Journey’s catastrophe exposure, which will grow as the company expands.
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 an exclusive focus on the insurance industry.