APRIL 26, 2022 12:48 PM (EDT)
AM Best Revises Outlooks to Positive for Allied Professionals Insurance Company, A Risk Retention Group, Inc.
|Edward J. Zonenberg |
Senior Financial Analyst
+1 908 439 2200, ext. 5135
+1 908 439 2200, ext. 5039
Manager, Public Relations
+1 908 439 2200, ext. 5159
Managing Director, Strategy & Communications
+1 908 439 2200, ext. 5204
FOR IMMEDIATE RELEASE
OLDWICK - APRIL 26, 2022 12:48 PM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Allied Professionals Insurance Company, A Risk Retention Group, Inc. (APIC) (Phoenix, AZ).
The Credit Ratings (ratings) reflect APIC’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 (ERM).
APIC’s operating performance has been improving over the most recent five-year period, as evidenced by a positive trend in operating metrics and solid history of profitability, despite some earlier years of problematic chiropractic exposures, which have been mitigated through appropriate ERM. APIC has outperformed the medical professional liability composite, as well as the insurance industry as a whole. As a result, profitability continues despite the company’s limited business profile, and APIC has been able to grow its surplus.
The positive outlooks reflect AM Best’s expectation that APIC will continue to post better-than-average operating results, which will contribute to the surplus growth needed to support its book of business, while maintaining an overall balance sheet strength assessment of very strong.
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.