AM Best Affirms Performance Assessment of First Indemnity Insurance Agency, Inc.
- May 12, 2023 10:13 AM (EDT)
Oldwick //BestWire// - AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of First Indemnity Insurance Agency, Inc. (First Indemnity) (Boston, MA). The outlook of the assessment is stable.
The assessment reflects First Indemnity’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.
First Indemnity is a managing general agent (MGA) specializing in professional liability insurance in the U.S. market. For more than 30 years, First Indemnity has proven its expertise in designing professional liability products for legal professionals. This experience and track record of developing staff benefits First Indemnity’s underwriting capabilities and is an advantage for association with capacity providers.
First Indemnity’s governance and internal controls remain strong given its size and scale. First Indemnity performs continuous internal reviews, covering underwriting and compliance. The company is subject to real-time external audits to reconfirm sufficient integration of systems with (re)insurance partners and ensures successful capture service measures from the perspective of its stakeholders and regulators.
AM Best assesses First Indemnity’s financial performance indicators as strong. The company continues to reflect stable and consistent income and cash flow results. The size and scope of the financial position is considered a restraining factor. All insurance risk is placed outside the organization with no exposures retained by First Indemnity.
The company is staffed appropriately with extensive industry experience serving the professional liability needs of the legal community. The organization has concise structure with clear and direct reporting and operational responsibilities.
First Indemnity’s diverse programs are centered on providing coverage for the legal industry with the ability to provide coverage nationwide. The company maintains tenured relationships with well-rated capacity providers. The company’s tenure in its respective market is considered a strength.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. 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.