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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 04, 2024 02:48 PM (EDT)
AM Best has affirmed the Performance Assessment of PA-2 (Excellent) of Excess Reinsurance Underwriters Inc. (Excess Re) (Woodbury, NJ). The outlook of the Performance Assessment (assessment) is stable.
The assessment reflects Excess Re’s excellent underwriting capabilities, excellent governance and internal controls, excellent financial condition, excellent organizational talent and the strong depth and breadth of its relationships.
Excess Re is a managing general underwriter that specializes in specific and aggregated medical stop loss insurance to a variety of entities across 50 states. The company’s underwriting performance is considered excellent throughout the current year. The company’s underwriting capabilities are further strengthened by its focus on risk selection, product offerings and an experienced executive team. Excess Re has a well-developed proprietary underwriting system that is capable of full-scale service for a policy life cycle that allows for customization and implementation of new or expanded coverage options.
AM Best considers Excess Re’s governance and internal controls to be excellent. Excess Re has a proven alignment of interests with Argo Capital Group Ltd., as demonstrated throughout the history of their relationship. Excess Re’s vision is designed to differentiate the company from its competitors through development of innovative products for a niche market.
AM Best’s assessment of Excess Re’s financial condition is excellent. The company has a track record of profitable financial results supported by stable sources of income and positive cash flow. Revenue has remained consistent over the past five years.
Excess Re’s organizational talent is assessed as excellent based on the executive team’s extensive experience within its niche expertise. The company’s focus on training and internal promotion has resulted into a long-tenured underwriting and executive team.
Excess Re’s depth and breadth of relationships is considered strong. The organization’s value is derived from its expertise in underwriting and access to business rather than program diversification. Although Excess Re does have a national market reach, AM Best views the number of relationships as a limiting factor. The quality of the relationships is stable and Excess Re has proven the ability to maintain these relationships.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. 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.