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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 25, 2017 03:03 PM (EDT)
A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of American Strategic Insurance Corp (ASI) (St. Petersburg, FL) and its affiliates.
The revised outlooks for ASI reflect the financial and operational enhancements that its ultimate parent, The Progressive Corporation (Progressive), has provided to ASI since the acquisition of majority ownership in ASI and its affiliates in 2015. In addition, ASI’s current distribution network has been broadened further through Progressive’s extensive market penetration and bundling opportunities between ASI’s exclusively homeowners line of business, and Progressive’s market profile as one of the leading writers of automotive insurance in the United States.
Negative rating action may follow a sudden, unexpected and material decline in risk-adjusted capitalization, a sustained deterioration in operating performance or the weakening of any material basis of support from Progressive,. Positive rating actions could follow from material improvement in risk-adjusted capitalization, sustained favorable operating performance, or a strengthening of the material basis of support from Progressive.
The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed, and the outlooks revised to positive from stable for American Strategic Insurance Corp and its following affiliates:
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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