APRIL 03, 2020 02:44 PM (EDT)
AM Best Removes From Under Review, Upgrades Issuer Credit Rating of the Members of PURE Group of Insurance Companies
|Samiksha Gupta |
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Manager, Public Relations
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Director, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 03, 2020 02:44 PM (EDT)
AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) for both members of the PURE Group of Insurance Companies (PURE Group): Privilege Underwriters Reciprocal Exchange (PURE) and PURE Insurance Company (PIC). PIC and PURE Risk Management LLC, which serves as attorney-in-fact for PURE, are wholly owned subsidiaries of Privilege Underwriters, Inc. (PUI). The outlook assigned to these Credit Ratings (ratings) is positive. PURE and PIC are domiciled in Fort Lauderdale, FL.
The ratings reflect the PURE Group’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The rating action considers implicit and explicit support provided by the ultimate parent, Tokio Marine Holdings, Inc., its lead insurance operating company, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF), and the affiliation between the U.S. subsidiaries of TMNF. PURE Group aligns TMNF’s strategy of expanding its international business through acquisition in both developed and emerging markets, in addition to providing diversification of revenues and customer segments.
The positive outlook reflects consideration of additional benefits and efficiencies expected to be derived in the longer term, particularly in the areas of day-to-day operational synergies, additional reinsurance support and risk management practices.
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.