AUGUST 10, 2018 11:54 AM (EDT)
A.M. Best Removes From Under Review, Upgrades Credit Ratings of Blackboard Specialty Insurance Co. and Blackboard Insurance Co.
Senior Financial Analyst
+1 908 439 2200, ext. 5449
Michael Lagomarsino, CFA, FRM
+1 908 439 2200, ext. 5810
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 10, 2018 11:54 AM (EDT)
A.M. Best has removed from under review with developing implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Blackboard Specialty Insurance Company (BSIC) (formerly known as Hamilton Specialty Insurance Company) and Blackboard Insurance Company (BIC) (formerly known as Hamilton Insurance Company). BSIC and BIC are domiciled in Wilmington, DE. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of the members of the AIG Property Casualty US Insurance Group (AIG PC US) have been extended to BSIC and BIC due to the significant level of reinsurance support provided to BSIC and BIC by National Union Fire Insurance Company of Pittsburgh, Pa., the lead member of the group. This position is further enhanced by the companies’ support of AIG PC US’s business strategy with a focus on the nonadmitted and admitted middle market commercial insurance space.
The ratings of BSIC and BIC reflect the balance sheet strength of the members of AIG PC US, which A.M. Best categorizes as strongest, as well as the group members’ marginal operating performance, favorable business profile and appropriate enterprise risk management.
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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