Best’s News & Research Service - April 13, 2021 11:04 AM (EDT)
AM Best Assigns Credit Ratings to 7710 Insurance Company, a New Member of Benchmark Insurance Group
- April 13, 2021 11:04 AM (EDT)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Ratings of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to 7710 Insurance Company (7710) (Summerton, SC). The outlook assigned to the Credit Ratings (ratings) is stable. 7110 is a newly added member of Benchmark Insurance Group and a wholly owned subsidiary of Benchmark Holding Company, which is ultimately owned by Trean Insurance Group, Inc. [NASDAQ: TIG]. The company is being afforded the group’s ratings via a 100% quota share reinsurance contract with Benchmark Insurance Company. The ratings of the other members of the group are not affected by 7710’s rating assignment.
7710 has been made a member of BIG due to its strategic importance to the group. The company provides rate flexibility and additional markets, allowing the group to expand its specialty workers’ compensation focus. 7710 is reinsured by its lead rating unit, Benchmark Insurance Company, and shares common executive management and operational capabilities.
The group’s ratings reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
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.