AUGUST 04, 2022 12:56 PM (EDT)
AM Best Upgrades Credit Ratings of Synergy Comp Insurance Company
|Gordon McLean |
Senior Financial Analyst
+1 908 439 2200, ext. 5304
Raymond Thomson, CPCU, ARe, ARM
+1 908 439 2200, ext. 5621
Manager, Public Relations
+1 908 439 2200, ext. 5159
Managing Director, Strategy & Communications
+1 908 439 2200, ext. 5204
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 04, 2022 12:56 PM (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 Synergy Comp Insurance Company (Synergy Comp) (Sharon, PA). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Synergy Comp’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 an improved balance sheet strength assessment, supported by Synergy Comp’s level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is assessed as strongest. The improved balance sheet assessment reflects Synergy Comp’s modest underwriting and investment leverage measures, sound liquidity ratios, and organic surplus growth achieved through strong operating performance that has driven retained earnings over the long term. Synergy Comp’s risk-adjusted capitalization has benefited from sustained favorable reserve development patterns over the long term when viewed on an accident and a calendar year basis that have benefited underwriting performance. While Synergy Comp’s sustained underwriting profitability has driven the large majority of surplus growth given management’s commitment to accurate pricing and conservative reserving, retained earnings have been augmented by increasing levels of investment income.
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.