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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 18, 2024 10:01 AM (EST)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent) to Standard and Preferred Insurance Company (Standard and Preferred) (Kew Gardens, NY). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Standard and Preferred’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 ratings also reflect Standard and Preferred’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), track record of profitable results and seasoned team of insurance professionals who are experienced in the healthcare and nursing industry. An offsetting factor is the company’s high level of reinsurance retention, which may potentially increase the overall volatility of results.
Standard and Preferred was incorporated under New York state law in 2012. The company was issued a property and casualty (P/C) license in 2017, and began underwriting P/C insurance the following year. Standard and Preferred was formed to service a niche market, providing workers’ compensation coverage for the healthcare industry in New York, including nursing homes, assisted living facilities and homecare agencies. The company’s business is focused on small- to medium-size entities that are in the nursing home and healthcare industry and writes workers’ compensation business through an affiliated managing general agent, Graph MGA LLC.
AM Best expects the company’s balance sheet strength and operating performance measures to be in line with company provided projections, and for it to grow surplus organically in the intermediate future. As is customary, AM Best will monitor Standard and Preferred actual results relative to its plan.
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.