Best’s News & Research Service - June 14, 2023 04:24 PM (EDT)
AM Best Assigns Credit Ratings to Point Excess and Surplus Insurance Company; Affirms Ratings of Sentry Insurance Group Members
- June 14, 2023 04:24 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) to Point Excess and Surplus Insurance Company (PESIC). The outlook assigned to these Credit Ratings (ratings) is stable. PESIC is a newly added member of Sentry Insurance Group (Sentry). At the same time, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Sentry Insurance Company and its wholly owned subsidiaries. All property/casualty (P/C) subsidiaries are collectively referred as Sentry. Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Sentry Life Insurance Company and Sentry Life Insurance Company of New York, collectively known as Sentry Life. The outlook of these ratings is stable. All P/C subsidiaries are members of the intercompany reinsurance pool. Sentry and Sentry Life are headquartered in Stevens Point, WI. (See below for a list of the P/C companies.)
The ratings of the group’s P/C members reflect their consolidated balance sheet strength, which AM Best assesses as strongest, as well as their adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Sentry’s rating affirmations account for its risk-adjusted capital position at the strongest level, as measured by Best’s Capital Adequacy Ratio, disciplined investment management strategy and consistent operating results, which are fueled by management’s active innovative initiatives. Sentry provides a well-diversified business mix, offering a broad range of commercial and personal P/C coverages throughout the United States.
The ratings assigned to PESIC recognize the additional growth opportunities in the non-admitted, commercial specialty U.S. market. PESIC’s focus is on low-volatility business accessed through program managers who have proven track records in the markets they approach. PESIC derives benefits from the centralized management structure at Sentry, which operates as a single entity. This company has been added as a member of the P/C intercompany reinsurance pool.
The ratings of Sentry Life reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also acknowledge the rating enhancement it receives from its affiliation with Sentry.
Sentry Life remains committed to strengthening its market position in the group annuity marketplace. It also continues to serve and cross-sell to Sentry’s P/C-based customers, as it materially contributes to Sentry’s overall premium and earnings.
The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed for the following members of the Sentry Insurance Group:
- Dairyland County Mutual Insurance Company of Texas
- Dairyland Insurance Company
- Dairyland National Insurance Company
- Florists’ Insurance Company
- Florists’ Mutual Insurance Company
- Middlesex Insurance Company
- Parker Centennial Assurance Company
- Patriot General Insurance Company
- Peak Property and Casualty Insurance Corporation
- Point Insurance Company
- Point Specialty Insurance Company
- Sentry Casualty Company
- Sentry Insurance Company
- Sentry Lloyds of Texas
- Sentry Select Insurance Company
- Viking Insurance Company of Wisconsin
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 Guide to Best’s Credit Ratings. 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.