CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - JULY 21, 2021 08:18 AM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Southern General Insurance Company (SGIC) (Marietta, GA).
These Credit Ratings (ratings) reflect SGIC’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).
The revision of the outlooks to positive is based on the company’s improved ERM program. Management has implemented a governance structure and risk management controls and continues to invest in its infrastructure. In addition, implemented risk management initiatives such as claims automation, a special investigation unit and a litigation dashboard have materialized favorably as reflected in lower volatility in operating results. The continuation of these improvements will likely result in an improved Long-Term ICR in the intermediate term.
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.