FEBRUARY 03, 2023 11:53 AM (EST)
AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Topa Ins Co and Dorchester Ins Co, Ltd.
|Gordon McLean |
Senior Financial Analyst
+1 908 439 2200, ext. 5304
Robert Valenta, CPCU
Senior Financial Analyst
+1 908 439 2200, ext. 5291
Manager, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 03, 2023 11:53 AM (EST)
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands). These companies, which collectively are referred to as Topa Insurance Group (Topa), are wholly owned subsidiaries of Topa Equities, Ltd.
Topa’s ratings were initially placed under review with negative implications on July 7, 2022. This rating action followed the need for AM Best to have further discussions with company management regarding strategic business initiatives to improve operating performance over the near term, following deterioration in underwriting results in 2021 and in the first quarter of 2022. The ratings will remain under review with negative implications pending further discussions with management regarding these ongoing strategic business initiatives. AM Best will continue to monitor the group’s balance sheet strength, operating performance, business profile and enterprise risk management during this period.
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.