AM Best Affirms Credit Ratings of AMERISAFE, Inc. and Its Operating Subsidiaries
June 04 2019 - 3:24PM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR)
of “a+” of American Interstate Insurance Company (Omaha, NE),
Silver Oak Casualty, Inc. (Omaha, NE) and the American Interstate
Insurance Company of Texas (Austin, TX) (collectively referred to
as AMERISAFE Insurance Group or the group). Concurrently, AM Best
has affirmed the Long-Term ICR of “bbb+” of AMERISAFE, Inc.
(NASDAQ: AMSF), the ultimate parent of the group members. The
outlook of these Credit Ratings (ratings) is stable. All companies
are headquartered in DeRidder, LA unless otherwise specified.
These ratings reflect AMERISAFE Insurance Group’s balance sheet
strength, which AM Best categorizes as strongest, as well as the
group’s strong operating performance, neutral business profile and
appropriate enterprise risk management.
AMERISAFE Insurance Group continues to maintain risk-adjusted
capitalization at the strongest level, which is supported by a
conservative and liquid investment portfolio. The group writes
workers’ compensation coverages for small and medium-sized
companies in high hazard industries with all group members
operating under an intercompany pooling arrangement.
The group’s expertise in its market niche continues to result in
underwriting and overall operating results that consistently
outperform the workers’ compensation composite over the long term.
Management has employed and strictly adheres to prudent
underwriting practices and pricing discipline. Furthermore, the
group’s consistent reserving practices have resulted in favorable
loss reserve development trends. Potential terrorism exposure is
managed by purchasing appropriate reinsurance coverage with very
little reliance on the Terrorism Risk Insurance Program
Reauthorization Act (TRIPRA) of 2015 federal backstop.
AMERISAFE Inc. is an insurance holding company and its rating
reflects the subordination of its senior most creditors to those of
the insurance operating companies.
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 Understanding Best’s Credit Ratings. For
information on the proper media use of Best’s Credit Ratings and AM
Best press releases, please view Guide for Media - Proper
Use of Best’s Credit Ratings and AM Best Rating Action Press
Releases.
AM Best is a global rating agency and information provider
with a unique focus on the insurance industry. Visit
www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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version on businesswire.com: https://www.businesswire.com/news/home/20190604006035/en/
Ricardo LongchallonSenior Financial Analyst+1
908 439 2200, ext. 5676ricardo.longchallon@ambest.com
Charles M. HuberDirector+1 908 439 2200, ext.
5122charles.huber@ambest.com
Christopher SharkeyManager, Public Relations+1
908 439 2200, ext. 5159christopher.sharkey@ambest.com
Jim PeavyDirector, Public Relations+1 908 439
2200, ext. 5644james.peavy@ambest.com
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