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Best’s News & Research Service - October 09, 2014 01:33 PM (EDT)

A.M. Best Affirms Ratings of American Safety Casualty Insurance Company and Its Subsidiary

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Oldwick //BestWire// - A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings (ICR) of "a" of American Safety Casualty Insurance Company (ASCIC) and its wholly owned subsidiary, American Safety Indemnity Company (ASIC) (both domiciled in Oklahoma City, OK). Both companies are indirect subsidiaries of Fairfax Financial Holdings Limited (Fairfax) [TSX: FSH and FFH.U]. The outlook assigned for all ratings is stable.

The rating actions on ASCIC and ASIC reflect each company's solid risk-adjusted capital positions and the benefit of being part of the Fairfax group of companies. Fairfax provides ASCIC and ASIC with the benefits of a diverse operating structure and strong financial flexibility. Fairfax has begun to combine the business written by these two entities with its specialty insurance platforms written by affiliated companies and anticipates this to be completed over the next year, at which time both companies will be placed into run-off.

Negative rating actions could be taken if ASCIC and ASIC fail to maintain an adequate risk-adjusted capitalization.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:


  • Rating Members of Insurance Groups

  • Rating Run-Off Insurers and Specialists

  • Risk Management and the Rating Process for Insurance Companies

  • Understanding BCAR for Property/Casualty Insurers


A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.



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