Best’s News & Research Service - September 09, 2024 12:14 PM (EDT)
AM Best Affirms Performance Assessment of First Indemnity Insurance Agency, Inc.
- September 09, 2024 12:14 PM (EDT)
//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. The company’s experience and track record benefit its underwriting capabilities and provide an advantage in its association with capacity providers.
First Indemnity’s governance and internal controls remain strong given its size and scale. First Indemnity performs regular internal reviews and audits that cover underwriting and compliance. Policies, procedures and recovery plans support the company’s scale of operations and daily needs.
AM Best assesses First Indemnity’s financial condition as strong. The company continues to produce stable and consistent income and cash flow results. The size and scope of First Indemnity’s financial position is considered a restraining factor. The company does not retain any insurance risk.
First Indemnity is staffed appropriately with extensive industry experience serving the legal community’s professional liability needs. The company has a concise structure with clear and direct reporting and operational responsibilities.
AM Best assesses First Indemnity’s depth and breadth of relationships as strong. First Indemnity focuses on providing coverage for the legal industry while also offering liability programs for other professionals. The company provides coverage nationwide. First Indemnity maintains 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.