FEBRUARY 23, 2018 02:18 PM (EST)
A.M. Best Assigns Credit Ratings to JM Specialty Insurance Company
+1 908 439 2200, ext. 5548
Senior Financial Analyst
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Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 23, 2018 02:18 PM (EST)
A.M. Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” to JM Specialty Insurance Company (JMSI) (Neenah, WI). The outlook assigned to these Credit Ratings (ratings) is stable.
These ratings recognize the implementation of a 100% quota share reinsurance agreement between JMSI and its lead company, Jewelers Mutual Insurance Company (JMIC). JMSI is a wholly-owned subsidiary of JM Holdings, Inc., which is wholly-owned by JMIC. Collectively, these companies are known as Jewelers Mutual Group (the group). The ratings reflect the group’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The group offers risk management and insurance solutions to the jewelry industry in the United States and Canada. Coverage is provided to individuals as well as commercial businesses by way of retailers, repair shops, custom jewelry designers, appraisers, wholesalers and manufacturers. JMSI was formed to expand the insurance product offerings and associated operational capabilities of the group. In addition to providing substantial reinsurance support to JMSI, JMIC will provide the company with ERM direction and administrative and managerial support.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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