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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JUNE 04, 2007 12:00 AM (EDT)
A.M. Best Co. has upgraded the financial strength rating (FSR) to B+ (Good) from B (Fair) and assigned an issuer credit rating (ICR) of "bbb-"to Wellington Insurance Company (Wellington) (Fort Worth, TX). The outlook for the FSR remains stable, and the outlook assigned to the ICR is stable.
The ratings reflect Wellington's improved operating performance and reserve adequacy in recent years. These favorable results are partially offset by the volatility in Wellington's operating results over the last five years and by significant premium fluctuations during that time. The company's rating outlook is derived from its improved operating performance and its conservative investment strategy.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors.