Rating actions

Trisura taken off negative outlook on improved reinsurance contract risk management

AM Best has revised the outlook to stable from negative on specialty insurance provider Trisura Group’s A- ratings, including its fronting carrier subsidiaries, citing improved ERM practices, policies and procedures around risk management of US captive reinsurance contracts.

Risk Theory’s new E&S affiliate Amherst Specialty assigned A- FSR by AM Best

Amherst Specialty Insurance Company has formally been assigned a financial strength rating (FSR) of A- by AM Best, with the Texas-based surplus lines start-up now primed to become the primary E&S paper provider for all new and renewal policies written by affiliated program manager Risk Theory.

Incline’s new E&S carrier secures A- rating ahead of Q2 underwriting launch

Incline’s new E&S carrier already has two programs set to launch in the coming weeks after securing an A- AM Best financial strength rating.

Incline’s new E&S carrier secures A- rating ahead of beginning writing in Q2

AM Best has assigned a financial strength rating of A- to Incline Americas Insurance Company, the new E&S carrier from Incline P&C that is expected to start writing business in Q2.

Risk Theory affiliate E&S carrier Amherst Specialty assigned PCA of A-

AM Best has assigned a preliminary credit assessment with a financial strength assessment of A- pca to new Texas-based surplus lines carrier Amherst Specialty Insurance Company, which is affiliated to MGA platform Risk Theory Holdings.

Moody’s says Ryan Specialty ratings unchanged on debt repricing

Moody’s continues to hold a B1 corporate family rating and B1-PD probability of default rating with a positive outlook on Ryan Specialty after the wholesale giant said it is repricing its existing $1.65bn senior secured first lien term loan due September 2027.

Ategrity Specialty’s rating outlook revised from negative to stable by AM Best

Ategrity Specialty has had the outlook on its key A- financial strength rating revised from negative to stable by AM Best, with the agency pointing to the ability of the E&S carrier’s management to execute on steps to reduce underwriting volatility and improve profitability.

Rate momentum and admitted retrenchment signal bullish ’24 outlook for E&S sector

The move by AM Best to revise its outlook on the E&S sector from stable to positive, recent capital raising efforts and Q3 commentary on pricing and conditions from carriers and brokers all point to a bullish outlook for the fast-growing segment in 2024 and beyond.

AM Best ends Clear Blue review and affirms A- rating after $25mn capital injection

AM Best has concluded its review on the members of Clear Blue Insurance Group and affirmed its A- financial strength rating on the fronting carrier with a stable outlook after it took steps to address fallout from the Vesttoo fraud including replacing reinsurance capacity and injecting $25mn of capital.

AM Best goes positive on E&S insurance sector

AM Best has revised its outlook on the US E&S segment from stable to positive, highlighting increased business into the channel as a result of admitted capacity retrenching, along with strong underwriting results driving operating profitability and strengthened capital positions.

Cowbell Specialty gets A rating from Demotech as full-stack pivot ramps up

Cowbell’s balance sheet company Cowbell Specialty Insurance Company has been given an initial A (Exceptional) rating from Demotech, marking the latest milestone in the cyber specialist’s pivot to becoming a full-stack underwriting business, The Insurer can reveal.

State Farm E&S operation Dover Bay has FSR cut to B++ by AM Best

State Farm’s Atlantic coast-focused E&S subsidiary Dover Bay Specialty Insurance Company has had its financial strength rating downgraded from A to B++ by AM Best in response to the platform’s “persistent underwriting losses since 2021”.

Victor’s Gallatin Point-backed reciprocal exchange formally assigned A- FSR by AM Best

Marsh-owned Victor’s newly launched reciprocal exchange has been officially assigned a financial strength rating (FSR) of A- (Excellent) and a long-term issuer credit rating (ICR) of “a-“ by AM Best, with the outlook on both set at stable.

GuideOne engages KBW for strategic capital action that may include mutual merger

GuideOne Insurance Company’s board has engaged KBW as it seeks “to augment its capital and surplus” to support the continued growth of its slimmed down go-forward operation, with AM Best putting the carrier’s crucial A- financial strength rating under review with negative implications.

Palomar’s A- FSR outlook revised to positive by AM Best

Palomar has had the outlook on its A- financial strength rating revised to positive from stable by AM Best in a move which the agency said reflects the carrier’s “very strong” balance sheet strength and its recent profitable operating performance.

Odyssey Group upgraded to A+ by AM Best on strong UW and Fairfax improvement

AM Best has upgraded the financial strength rating of Odyssey Group and its (re)insurance carrier subsidiaries from A to A+, pointing to strong underwriting results at the company, as well as the removal of ratings drag from its parent Fairfax Financial.

GuideOne awaiting AM Best rating outcome amid downgrade concerns: sources

GuideOne has been providing more information to AM Best following its annual ratings review meeting amid concerns about a potential downgrade of its financial strength rating to below A-, The Insurer can reveal.

Sentry’s Point Excess and Surplus Insurance Company unit assigned A+ FSR by AM Best

Sentry Insurance Group’s new programs-focused Point Excess and Surplus Insurance Company platform has been assigned a financial strength rating of A+ by AM Best.

Orion180 assigned BBB+ KBRA rating as plans Georgia expansion

KBRA has assigned a BBB+ Insurance financial strength rating to Orion180 Insurance Company (OIC), with the rating agency also revealing the coastal homeowners E&S carrier is planning to start writing in Georgia this month.

AM Best upgrades Convex FSR to ‘A’, citing “excellent market acceptance”

AM Best has upgraded Convex’s financial strength and issuer-credit ratings to ‘A’ from ‘A-’, citing the Stephen Catlin- and Paul Brand-led firm’s “excellent market acceptance” and consistently improving underwriting results since its late 2019 launch.