AM Best Assigns Credit Ratings to 7710 Insurance Company, a New Member of Benchmark Insurance Group
April 13 2021 - 11:30AM
Business Wire
AM Best has assigned a Financial Strength Ratings of A
(Excellent) and a Long-Term Issuer Credit Rating of “a” to 7710
Insurance Company (7710) (Summerton, SC). The outlook assigned to
the Credit Ratings (ratings) is stable. 7110 is a newly added
member of Benchmark Insurance Group and a wholly owned subsidiary
of Benchmark Holding Company, which is ultimately owned by Trean
Insurance Group, Inc. [NASDAQ: TIG]. The company is being afforded
the group’s ratings via a 100% quota share reinsurance contract
with Benchmark Insurance Company. The ratings of the other members
of the group are not affected by 7710’s rating assignment.
7710 has been made a member of BIG due to its strategic
importance to the group. The company provides rate flexibility and
additional markets, allowing the group to expand its specialty
workers’ compensation focus. 7710 is reinsured by its lead rating
unit, Benchmark Insurance Company, and shares common executive
management and operational capabilities.
The group’s ratings reflect its balance sheet strength, which AM
Best assesses as very strong, as well as its strong operating
performance, limited business profile and appropriate enterprise
risk management.
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 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 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. For more information,
visit www.ambest.com.
Copyright © 2021 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/20210413005867/en/
Kevin Dorsey AIAF, ARe Senior Financial Analyst
+1 908 439 2200, ext. 5401 kevin.dorsey@ambest.com Joseph
Burtone Director +1 908 439 2200, ext. 5125
joseph.burtone@ambest.com Christopher Sharkey Manager,
Public Relations +1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com Jim Peavy Director,
Communications +1 908 439 2200, ext. 5644
james.peavy@ambest.com
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