Best’s News & Research Service - August 11, 2023 12:08 PM (EDT)
AM Best Affirms Credit Ratings of Core Specialty Insurance Holdings, Inc. Subsidiaries and Affiliates
- August 11, 2023 12:08 PM (EDT)
Oldwick //BestWire// - AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of StarStone Specialty Insurance Company and StarStone National Insurance Company, both headquartered in Cincinnati, OH and subsidiaries of Core Specialty Insurance Holdings, Inc. (Core Specialty). The outlook of these Credit Ratings (ratings) is positive. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Lancer Insurance Company and Lancer Insurance Company of New Jersey, both headquartered in Long Beach, NY and collectively referred to as Lancer Insurance Group, a division of Core Specialty. The outlook of these ratings is stable.
The ratings of Core Specialty reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings of Lancer Insurance Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
The rating affirmations follow another solid year of operations for Core Specialty on a consolidated basis. The group continues to produce strong underwriting results through periods of significant growth. As Lancer Insurance Group has become further assimilated within Core Specialty’s operations, additional smaller acquisitions have acted to continue to diversify earnings streams. Core Specialty’s acquisition of Hallmark Financial’s excess & surplus (E&S) lines business has further substantiated its market presence in this space. While Core Specialty’s business profile continues to improve, AM Best’s assessment remains at the limited level until further seasoning occurs, although it should be noted that no operational deficiencies have occurred despite recent acquisitions.
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.