Best’s News & Research Service - February 28, 2019 09:14 AM (EST)
AM Best Revises Outlooks to Stable for Commonwealth Contractors Group Self-Insurance Association
- February 28, 2019 09:14 AM (EST)
Oldwick //BestWire// - AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” of Commonwealth Contractors Group Self-Insurance Association (CCGSIA) (Midlothian, VA).
The ratings reflect CCGSIA’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The outlook revision to stable reflects reduced volatility in the company’s operating performance since 2015.
CCGSIA was established with the specific objective of providing a stable, profitable workers’ compensation market for contractors and other construction-related accounts in Virginia. Through the use of sound risk management and loss control programs, as well as maintaining a low operating overhead, CCGSIA has been able to offer its members significant dividends and stable premium rates. CCGSIA is very discretionary in admitting new insured members and requires firms to be financially sound and able to demonstrate effective safety programs with good loss records. Furthermore, insureds must maintain good loss experience to receive dividends and maintain membership in the program.
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