MARCH 29, 2023 04:04 PM (EDT)
AM Best Withdraws Credit Ratings of Alaska Timber Insurance, Inc.
|Robert Gabriel |
Senior Financial Analyst
+1 908 439 2200, ext. 5725
+1 908 439 2200, ext. 5394
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 29, 2023 04:04 PM (EDT)
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Alaska Timber Insurance, Inc. (ATI) (Ketchikan, AK). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect ATI’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management.
AM Best’s assessment of ATI’s business profile is viewed as very limited due to management’s decision to discontinue writing new workers’ compensation policies and to run off its existing policies. As of Jan. 1, 2023, the company non-renewed its current book of business and will no longer have any policies in-force.
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.