Best’s News & Research Service - October 04, 2023 03:31 PM (EDT)
AM Best Assigns Credit Ratings to Indigo Risk Retention Group Inc.
- October 04, 2023 03:31 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating of A-(Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Indigo Risk Retention Group Inc. (Indigo RRG) (Charleston, SC). The outlook assigned to these Credit Ratings (ratings) is stable. Indigo RRG is a newly added member of the Concert Insurance Group (Concert).
The ratings reflect Indigo RRG’s inclusion as a member of Concert, with a consolidated balance sheet strength that AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Indigo RRG’s inclusion as a member of Concert is based on initial capitalization of Indigo RRG via a surplus note funded by Concert’s parent, Concert Group Holdings, Inc. In addition, the company entered into a quota share reinsurance agreement with Concert Specialty Insurance Company. Indigo RRG benefits from Concert’s sponsorship and support, which in addition to reinsurance and initial capital, includes board oversight.
Indigo RRG is a new risk retention group that underwrites 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.
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.