Best’s News & Research Service - October 03, 2022 08:13 AM (EDT)
AM Best Assigns Performance Assessment to Amwins Group’s Affiliates
- October 03, 2022 08:13 AM (EDT)
Oldwick //BestWire// - AM Best has assigned a Performance Assessment of PA-1 (Exceptional) to a group of seven affiliates of the Amwins Group (Amwins). These affiliate companies are assessed on a consolidated basis under Amwins and domiciled in Charlotte, NC. The outlook assigned to this Performance Assessment (assessment) is stable. (See below for a detailed list of these affiliate companies.)
This assessment reflects Amwins’ exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent, and exceptional depth and breadth of relationships.
In AM Best’s view, these seven affiliated companies exhibit a number of common traits and are regarded as strategically and financially important to Amwins’ ability to provide specialty insurance liability and property product distribution throughout the United States.
The delegated underwriting authority enterprise (DUAE) entities within Amwins have a track record of exceptional underwriting performance with generally low loss ratios and profitable business across each operating entity. The size and scope of these DUAEs allows them to employ underwriters across multiple locations within their geographic footprint, resulting in greater control and efficiency. Amwins’ underwriting technology solutions are developed to satisfy unique risk level data attribution and pricing across its diverse property and casualty focused programs.
AM Best considers Amwins’ governance and internal controls to be exceptional. The depth of the organization’s governance and internal controls is a well-aligned interest among capacity, retail and broker partners, policyholders, as well as internal stakeholders. Amwins maintains a synergistic internal control system, which integrates policies and procedures with its management control system. This governance system allows for extensive internal and external oversight and audits of metrics and analytics, data security, disaster recovery, business continuation and regulatory components.
AM Best considers Amwins’ financial condition as excellent. Amwins’ financial results show a record of profitable operations, with strong income sources and continued organic growth and positive net worth. Earnings are allocated to reinvestment into operations such as mergers & acquisitions, technology and bespoke product solutions. AM Best expects that the organization will continue to produce steady growth in direct premiums written and revenue.
Senior leadership at Amwins is tenured and exceptionally knowledgeable. There is a clear commitment to supporting all divisions of the firm with the resources necessary for continued success. Amwins emphasizes the importance of entrepreneurial and cultural stewardship within the firm. There is a heavy reliance on local underwriting expertise and relationships Amwins has with industry stakeholders.
AM Best assesses Amwins depth and breadth of relationships as exceptional. The company has long-standing relationships with strategic partners. Amwins has been able to retain a high number of participating capacity providers, while being able to respond capably when needs require change in participation. The company partners with a number of well-rated (re)insurers. Given the Amwins Group infrastructure, Amwins operating companies benefit from access to vast internal and external distribution networks.
The following Amwins Group affiliates have been assigned a Performance Assessment of PA-1 (Exceptional) with a stable outlook:
- Amwins Access Insurance Services, LLC
- Amwins Digital Insurance Services, LLC
- The American Equity Underwriters, Inc.
- Amwins Program Underwriters, Inc.
- Amwins Special Risk Underwriters, LLC
- Amwins Specialty Casualty Solutions, LLC
- Amwins Transportation Underwriters, Inc.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments 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.