Best’s News & Research Service - June 03, 2021 05:10 PM (EDT)
AM Best Assigns Credit Ratings to Dairyland American Insurance Co and Point Ins Co; Affirms Ratings of Sentry Ins Group Members
- June 03, 2021 05:10 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) to Dairyland American Insurance Company (DAIC) and Point Insurance Company (PIC). The outlook assigned to these Credit Ratings (ratings) is stable. DAIC (formerly known as Unigard Insurance Company) and PIC (formerly known as Southern Fire & Casualty Company) were acquired by Sentry Insurance Company (SIC) on Nov. 1, 2020. At the same time, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Sentry Insurance Company and its wholly owned subsidiaries. All property/casualty (P/C) subsidiaries are collectively referred as Sentry Insurance Group (Sentry). Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Sentry Life Insurance Company and Sentry Life Insurance Company of New York, collectively known as Sentry Life. The outlook of these ratings is stable. All P/C subsidiaries are members of the intercompany reinsurance pool. Sentry is headquartered in Stevens Point, WI. (See below for a list of the P/C companies.)
The ratings of the group’s P/C members reflect their consolidated balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Sentry’s rating affirmations account for its superior risk-adjusted capital position, disciplined investment management strategy and consistent operating results. Sentry provides a range of commercial and personal P/C coverages throughout the United States.
The ratings assigned to DAIC and PIC recognize the additional growth opportunities with respect to personal lines coverages. DAIC and PIC derive benefits from the centralized management structure at Sentry, which operates as a single entity. Both companies have been added as members of the P/C intercompany reinsurance pool.
The ratings of Sentry Life reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also acknowledge the rating enhancement it receives from its affiliation with Sentry.
Sentry Life remains committed to strengthening its market position in the group annuity marketplace. It also continues to serve and cross-sell to Sentry’s P/C-based customers, as it materially contributes to Sentry’s overall premium and earnings.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed for the following members of the Sentry Insurance Group:
- Sentry Insurance Company
- Dairyland Insurance Company
- Sentry Lloyds of Texas
- Sentry Select Insurance Company
- Middlesex Insurance Company
- Florists’ Mutual Insurance Company
- Dairyland County Mutual Insurance Company of Texas
- Dairyland National Insurance Company
- Sentry Casualty Company
- Florists’ Insurance Company
- Patriot General Insurance Company
- Viking Insurance Company of Wisconsin
- Peak Property and Casualty Insurance Corporation
- Parker Centennial Assurance Company
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.