Best’s News & Research Service - August 27, 2024 02:34 PM (EDT)
AM Best Assigns Credit Ratings to Mainsail Insurance Company
- August 27, 2024 02:34 PM (EDT)
//BestWire// - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Mainsail Insurance Company (Mainsail) (Austin, TX). The outlook assigned to these Credit Ratings (ratings) is stable.
Mainsail joins the Emerald Bay Risk Solutions, LLC (Emerald Bay) organization as a wholly owned subsidiary of Emerald Bay Specialty Insurance Company (EBSIC). The ratings reflect EBSIC’s consolidated balance sheet strength assessed as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Mainsail provides property/casualty coverage offering varying lines of business in the admitted market. Mainsail is a wholly owned subsidiary of EBSIC and was acquired on July 31, 2024. Following the acquisition, the two companies entered into a reinsurance pooling arrangement in which Mainsail will cede 100% of its ultimate net liability under all policies to EBSIC. The agreement will continue to be automatically renewed annually. The acquisition of Mainsail aligns with Emerald Bay’s strategic goal in adding an admitted carrier to its platform.
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.