AM Best Affirms Credit Ratings of Prism Assurance, Ltd.
February 13 2019 - 3:48PM
Business Wire
AM Best has affirmed the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Rating of “a-” of Prism
Assurance, Ltd. (Prism) (Burlington, VT). The outlook of these
Credit Ratings (ratings) is stable.
The ratings reflect Prism’s balance sheet strength, which AM
Best categorizes as very strong, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management.
The ratings indicate Prism’s strategic role as a single parent
captive insurance company of Apogee Enterprises, Inc. (Apogee)
[NASDAQ: APOG] and reflect the parental support and financial
flexibility afforded Prism as a part of Apogee. Prism is an
integral tool for Apogee that increases the overall organization’s
risk management capability and awareness. Prism works cohesively
with business units across the overall organization to reduce
claims severity and frequency.
An offsetting rating factor is Prism’s degree of dependence on
Apogee as a captive insurer, which results in a concentrated focus
on products and geographic distribution. Additionally, Apogee is
dependent on the U.S. construction market and the overall economy,
which may lead to volatility in Prism’s results. Despite these
factors, Prism’s ratings are supported by its balance sheet
strength and operating performance.
AM Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated in the
United States and throughout the world. For current Best’s Credit
Ratings and independent data on the captive and alternative risk
transfer insurance market, please visit
www.ambest.com/captive.
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/20190213005781/en/
Charlie SmentkowskiFinancial Analyst+1 908 439
2200, ext. 5684charlie.smentkowski@ambest.comDan
TeclawSenior Financial Analyst+1 908 439 2200, ext.
5394dan.teclaw@ambest.comChristopher SharkeyManager,
Public Relations+1 908 439 2200, ext.
5159christopher.sharkey@ambest.comJim PeavyDirector,
Public Relations+1 908 439 2200, ext.
5644james.peavy@ambest.com
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