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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 11, 2020 08:56 AM (EST)
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb” of Greenville Casualty Insurance Company (Greenville Casualty) (Greer, SC). The outlook of the FSR remains stable.
The Credit Ratings (ratings) reflect Greenville Casualty’s balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The positive outlook for the Long-Term ICR reflects Greenville Casualty’s strengthened risk-adjusted capitalization, reduced underwriting leverage and increased liquidity measures over the most recent five-year period, driven by solid growth in policyholders’ surplus and reduced premium writings. The growth in policyholders’ surplus was attributable to improved underwriting and operating performance, and senior management’s operating experience and in-depth knowledge of the North Carolina and South Carolina private passenger non-standard automobile market. Furthermore, Greenville Casualty has implemented new underwriting tools and rate adjustments in recent years, which have improved underwriting results and operating performance substantially.
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 Guide to 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, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.