DECEMBER 02, 2022 03:29 PM (EST)
AM Best Assigns and Places Credit Ratings of TRM Specialty Insurance Company Under Review With Positive Implications
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FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 02, 2022 03:29 PM (EST)
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to TRM Specialty Insurance Company (TRMSIC) (Indianapolis, IN). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with positive implications. TRMSIC is a newly added member of Transverse Insurance Group. These ratings have been placed under review with positive implications pending the completion of the announced acquisition of Transverse Insurance Group, LLC, the parent of the Transverse companies, by Mitsui Sumitomo Insurance Company, Limited.
The ratings of TRMSIC reflect Transverse Insurance Group’s consolidated 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.
TRMSIC is considered part of the Transverse Insurance Group rating unit based on its role and strategic importance to the group’s strategy; common ownership; common management; explicit and implicit support; and an expectation of future financial and operational support.
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.