|Michael Buckley |
+1 908 439 2200, ext. 5658
+1 908 439 2200, ext. 5815
Manager, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 01, 2022 01:07 PM (EST)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to AM Specialty Insurance Company (ASIC) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect ASIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
ASIC is a new excess and surplus (E&S) lines carrier, having received authorization in Arizona to be a domestic surplus lines insurance company in September 2022. The company will write various specialty insurance products for the primary program insurance business segment across the United States.
The ratings of ASIC reflect its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by a conservative investment portfolio. AM Best anticipates that ASIC’s level of risk-adjusted capitalization will remain at the strongest level throughout its initial five-year start-up period. The ratings also reflect ASIC’s adequate operating performance, which is based upon a well-defined business plan and management’s prior track record. ASIC’s limited business profile reflects the risk associated with executing on its business strategy as a new E&S lines carrier. AM Best considers ASIC’s ERM framework and capabilities to be appropriate for the company’s risk profile.
The stable outlooks reflect AM Best’s expectation that ASIC will maintain very strong balance sheet strength over the intermediate period and the execution of its business plan will generate operating results contributing to surplus growth.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.