Best’s News & Research Service - March 28, 2017 09:02 AM (EDT)
A.M. Best Withdraws Credit Ratings of Unique Insurance Company
- March 28, 2017 09:02 AM (EDT)
Oldwick //BestWire// - A.M. Best has affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “b+” of Unique Insurance Company (Unique) (Chicago, IL). The outlook of the FSR is stable, while the outlook of the Long-Term ICR is negative. Concurrently, A.M. Best has withdrawn the Credit Ratings (ratings) as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The ratings reflect Unique’s marginal risk-adjusted capitalization mainly due to aggressive growth and adverse loss development. The company’s leverage measures also are well in excess of the private passenger non-standard automobile composite. These negative rating factors are offset partially by the company’s generally positive operating results. Positive net income is generated from the company’s net investment income and substantial fee income that offsets overall underwriting losses.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
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