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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 02, 2020 03:04 PM (EDT)
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Constitution Insurance Company (Constitution) (headquartered in Omaha, NE).
The Credit Ratings (ratings) reflect Constitution’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.
The stable outlooks consider the enhanced business profile, as Constitution has begun to expand its urban homeowners and dwelling fire books of business. In addition, Constitution now participates on a workers’ compensation quota share program with an affiliated company, which provides some product diversity. Nonetheless, Constitution still faces geographic and product concentrations, and AM Best will continue to monitor the company’s progress with its business plans and execution over the near term.
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.