Benchmark Specialty Insurance Company Attains “A” Ratings From AM Best
February 15 2022 - 8:00AM
Trean Insurance Group, Inc. (Nasdaq: TIG), a leading provider of
products and services to the specialty insurance market, announced
today that its subsidiary, Benchmark Specialty Insurance Company
(BSIC), an Arkansas domestic surplus lines carrier, attained a
Financial Strength rating of “A” (Excellent) and a Long-Term Issuer
Credit rating of “a” (Excellent) from AM Best, a global credit
rating agency, news publisher and data analytics provider
specializing in the insurance industry.
BSIC’s ratings were awarded due to a 100% quota
share reinsurance contract with Benchmark Insurance Company,
highlighting Benchmark Insurance Company’s balance sheet strength,
operating performance, limited business profile and appropriate
enterprise risk management.
“We are very pleased that AM Best recognized the
strength of Benchmark,” said Andrew M. O’Brien, Chief Executive
Officer of Trean. “We look forward to growing Benchmark’s new
carrier as it continues to develop expertly crafted specialty
offerings for customers across the country.”
BSIC, a newly added wholly-owned subsidiary of
Benchmark Insurance Company, Inc., is an excess and surplus carrier
that will write specialty/niche products through partners that give
the company access to program offerings on a non-admitted
basis.
About Trean Insurance Group,
Inc.
Trean Insurance Group, Inc. (NASDAQ: TIG)
provides products and services to the specialty insurance market.
Trean underwrites specialty casualty insurance products both
through its program partners and its own managing general agencies.
Trean also provides its program partners with a variety of services
including issuing carrier services, claims administration and
reinsurance brokerage. Trean is licensed to write business across
49 states and the District of Columbia. For more information,
please visit www.trean.com.
About AM Best
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.
Forward-Looking Statements
This press release contains forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements that are not historical or current facts. These
statements may discuss the Company’s net income, cash flow,
financial condition, impairments, expenditures, growth, strategies,
plans, achievements, capital structure, organizational structure,
market opportunities and general market and industry conditions.
Such forward-looking statements can be identified by words such as
“anticipate,” “estimate,” “expect,” “intend,” “plan,” “predict,”
“project,” “believe,” “seek,” “outlook,” “future,” “will,” “would,”
“should,” “could,” “may,” “can have,” “likely” and similar terms.
Forward-looking statements are based on management’s current
expectations and assumptions about future events. These statements
are only predictions and are not guarantees of future performance.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements if the underlying assumptions prove to
be incorrect or as a result of risks, uncertainties, and other
factors, including the impact of the COVID-19 pandemic on the
business and operations of the Company, our program partners and
other business relations. Other factors that may cause such
differences include the risks described in the Company’s filings
with the U.S. Securities and Exchange Commission, including the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020. These forward-looking statements speak only as of the
date on which they are made. Except as required by applicable
securities laws, the Company disclaims any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future developments, changes in assumptions or
otherwise. Investors are cautioned not to place undue reliance on
the forward-looking statements contained in this press release or
in other filings and public statements of the Company.
Contacts
Investor Relations investor.relations@trean.com
(952) 974-2260
Source: Trean Insurance Group, Inc.
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