Best’s News & Research Service - December 20, 2023 12:37 PM (EST)
AM Best Assigns Credit Ratings to New Members of Builders Insurance Group
- December 20, 2023 12:37 PM (EST)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) to the new members of Builders Insurance Group. The new members include Crossroads Insurance Company (CIC), Georgia Builders Insurance Company (GBIC) and United Builders Insurance Company (UBIC). The outlook assigned to these Credit Ratings (ratings) is stable. All companies are headquartered in Atlanta, GA.
The ratings reflect on a consolidated basis, Builders Insurance Group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
CIC, GBIC and UBIC are considered part of the Builders Insurance Group rating unit based on operational support, strategic importance to the group’s strategy, and explicit support provided through an intercompany reinsurance agreement. CIC, GBIC and UBIC are owned fully by Builders Insurance (An Association Captive Company), and the parent maintains ultimate senior management responsibility for the companies. Currently, CIC, GBIC and UBIC are not writing business actively, but Builders Insurance Group plans to use these newer entities for its expansion plans in the near term. As a result, Builders Insurance Group’s ratings have been extended to CIC, GBIC and UBIC.
The ratings of established members of the Builders Insurance Group remain unchanged with an FSR of A (Excellent) and Long-Term ICRs of “a” (Excellent), each with a stable outlook.
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.