AM Best Downgrades Credit Ratings of SteadPoint Insurance Company; Places Credit Ratings Under Review With Negative Implications
- September 02, 2026 10:07 AM (EDT)
//BestWire// - AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” (Good) from “a-” (Excellent) of SteadPoint Insurance Company (SteadPoint) (Nashville, TN). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications.
The ratings reflect SteadPoint’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
AM Best has downgraded SteadPoint’s operating performance assessment to adequate from strong due to the decline in its operating results since 2024. The company reported elevated underwriting ratios, underwriting and net losses in 2024, 2025 and through second-quarter 2026. While results over this quarter have been impacted by elevated expenses related to SteadPoint’s gradual transition to writing more business directly on its own paper, AM Best notes a deterioration in the company’s loss ratio that no longer aligns with strong operating performance assessed peers. Management continues to refine its book of business and anticipates a return on underwriting profitability once these initiatives are completed.
The ratings have been placed under review with negative implications due to the uncertainty surrounding SteadPoint’s capital levels and increases in its non-admitted assets related to the company’s initiatives in receiving the return of excess collateral from its previous fronting arrangement. The ratings will remain under review pending SteadPoint’s ongoing efforts to strengthen its ERM processes and controls and stabilize capital levels, while receiving return of collateral.
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 (BCR), Best’s Performance Assessments (PA), Best’s Preliminary Credit Assessments (PCA) 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.