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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 02, 2021 09:54 AM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Prescient National Insurance Company (Prescient National) (Charlotte, NC). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Prescient National’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The rating upgrades reflect Prescient National’s favorable operating performance, which is demonstrated by five-year and 10-year operating metrics that have outperformed the workers’ compensation (WC) composite by a significant margin. The favorable metrics are driven by loss and loss adjustment expense ratios, which compare favorably with the WC composite by over 30 points on a five-year basis and 25 points on a 10-year basis. The results demonstrate Prescient National’s proper risk selection, superior claims handling, expense management and adequate pricing. AM Best expects Prescient National to maintain a very strong balance strength, driven by consistent organic surplus growth and supported by its risk-adjusted capitalization assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
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 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.