Best’s News & Research Service - August 25, 2023 09:48 AM (EDT)
AM Best Assigns Preliminary Credit Assessment to Indigo Risk Retention Group Inc.
- August 25, 2023 09:48 AM (EDT)
Oldwick //BestWire// - AM Best has assigned a Preliminary Credit Assessment (PCA) to Indigo Risk Retention Group Inc. (Indigo RRG) (Charleston, SC) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent). The outlook assigned to this PCA is stable.
The PCA reflects Indigo RRG’s 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. The PCA also reflects the expectation that Indigo RRG qualifies to be a member of the Concert Insurance Group (Concert) rating unit. Initial capitalization of Indigo RRG will occur via a surplus note funded by Concert’s parent, Concert Group Holdings, Inc. Additionally, the PCA reflects the anticipation that Indigo RRG will participate in a material reinsurance agreement with a group member.
Indigo RRG is a new risk retention group that intends to underwrite medical professional liability (MPL) insurance for individual physicians and physician groups. Concert is a specialty insurance group that specializes in fronting insurance programs and providing a wide range of coverage, which includes MPL. Indigo RRG will benefit from Concert’s sponsorship and support, which in addition to reinsurance and initial capital, includes board oversight, underwriting and operational capabilities.
This press release relates to Preliminary Credit Assessments that have been published on AM Best’s website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments 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 and Assessment 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.