Best’s News & Research Service - January 20, 2022 09:40 AM (EST)
AM Best Assigns Credit Ratings to Westfield Select Insurance Company; Affirms Ratings of Westfield Insurance Co and Affiliates
- January 20, 2022 09:40 AM (EST)
Oldwick //BestWire// - AM Best has assigned the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+”(Excellent) to Westfield Select Insurance Company. The outlook assigned to the Credit Ratings (ratings) is stable. This company is a newly added member of Westfield Group (Westfield). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Westfield Insurance Company and its affiliates, which are the other members of Westfield. (See below for a detailed listing of the companies and ratings.) The outlook of these ratings is stable. All aforementioned companies are wholly owned subsidiaries of Ohio Farmers Insurance Company (Ohio Farmers), the ultimate parent, and are domiciled in Westfield Center, OH.
The ratings reflect Westfield’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings of Westfield have been extended to Westfield Select Insurance Company given the explicit support provided through a pooling arrangement.
The stable outlooks reflect AM Best’s expectation that the group will maintain its overall balance sheet strength assessment, supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and will continue to report profitable net results.
The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following affiliates of Westfield Insurance Company:
- Ohio Farmers Insurance Company
- Old Guard Insurance Company
- Westfield National Insurance Company
- American Select Insurance Company
- Westfield Champion Insurance Company
- Westfield Premier Insurance Company
- Westfield Superior Insurance Company
- Westfield Touchstone Insurance Company
- Westfield Specialty Insurance Company
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.