Safety National Receives Indication of Ratings Upgrades
December 23 2011 - 9:57AM
Business Wire
Safety National Casualty Corporation, the U.S. market leader in
excess workers’ compensation, announced today that three major
insurance rating agencies have placed them under consideration for
ratings increases.
- A.M. Best Company has placed Safety
National “under review with positive implications.”
- Moody’s has placed Safety National on
“review for possible upgrade.”
- Fitch Ratings has placed Safety
National on “positive watch.”
“These developments unfolded days after Tokio Marine Holdings
announced an acquisition with our parent company, Delphi Financial
Group,” said Mark Wilhelm, CEO of Safety National. “Agencies have
immediately recognized that Tokio Marine’s A++ Best rating and
financial size, with over $200 billion in assets, will offer Safety
National unquestioned financial security for the future. The
immediate consideration to increase our ratings is a testament to
the benefits that this merger will provide Safety National’s
brokers and policyholders.”
A.M. Best's ratings provide an independent opinion of an
insurer's financial strength and ability to meet its ongoing
insurance policy and contract obligations. It is based on a
comprehensive quantitative and qualitative evaluation of a
company's balance sheet strength, operating performance and
business profile.
Moody’s ratings offer an opinion of the credit quality of
individual obligations or of an issuer's general creditworthiness.
Their analysis includes the judgment of a diverse group of credit
risk professionals to weigh those factors in light of a variety of
plausible scenarios for the issuer, partnered with several
analytical principles.
Fitch Ratings' credit ratings provide an opinion on the relative
ability of an entity to meet financial commitments, such as
interest, preferred dividends, repayment of principal, insurance
claims or counterparty obligations.
Safety National is a versatile alternative market insurance
provider that offers a broad range of risk funding products through
insurance agents and brokers. Founded in 1942, Safety National is
the leading provider of excess workers’ compensation coverage to
self-insured employers and groups nationwide, and has provided that
type of coverage longer than any other company in the United
States. The company is licensed to provide workers’ compensation
insurance in all 50 states, the District of Columbia and Canada.
Safety National is a wholly-owned subsidiary of Delphi Financial
Group Inc. (NYSE: DFG) and is rated “A” (Excellent), Financial Size
Category XI, by A.M. Best. To learn more, visit:
www.safetynational.com.
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