Best’s News & Research Service - April 02, 2019 02:55 PM (EDT)
AM Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of @Home Insurance Company
- April 02, 2019 02:55 PM (EDT)
Oldwick //BestWire// - AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of @Home Insurance Company (formerly 21st Century Security Insurance Company) (Woodbridge, NJ). The outlook assigned to these Credit Ratings (ratings) is stable.
This rating action follows the close of High Point Preferred Insurance Company’s (HPPIC) acquisition of @Home Insurance Company in August 2018 and the recent successful execution of a quota share reinsurance agreement. The ratings of HPPIC have been extended to @Home Insurance Company due to the significant level of reinsurance support provided by HPPIC, the lead member of High Point Homeowners Group. The ratings of the other members of High Point Homeowners Group are not affected by the aforementioned rating action.
The ratings reflect @Home Insurance Company’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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