AM Best Upgrades Credit Ratings of AmeriTrust Group Members
May 02 2024 - 2:41PM
Business Wire
AM Best has upgraded the Financial Strength Rating (FSR)
to A (Excellent) from A- (Excellent) and the Long-Term Issuer
Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-”
(Excellent) of the members of AmeriTrust Group (AmeriTrust), whose
principal insurance subsidiaries operate under an intercompany
reinsurance pooling agreement. AmeriTrust is headquartered in
Southfield, MI. In addition, AM Best has revised the Credit Rating
(rating) outlooks to stable from positive. (See below for a listing
of the rated AmeriTrust insurance subsidiaries).
The ratings reflect AmeriTrust’s balance sheet strength, which
AM Best assesses as very strong, as well as its adequate operating
performance, neutral business profile and appropriate enterprise
risk management. In addition, AmeriTrust’s ratings benefit from
rating enhancement, in the form of lift, due to support provided by
its parent, Accident Fund Insurance Company of America (Accident
Fund).
The ratings upgrade for AmeriTrust reflects its increased
strategic importance to Accident Fund and its substantially
complete integration. Accident Fund closed on its acquisition of
AmeriTrust in January 2023 and has actively integrated AmeriTrust
into its operations. AmeriTrust has benefited from these
integration efforts, which include expanding product
diversification efforts, pricing initiatives, enhancing customer
experience, expense optimization through efficiencies and process
improvement, and implementing enhanced claim strategies.
AmeriTrust will continue to benefit from Accident Fund’s scale
and expertise, as well as from the financial strength of the
ultimate parent, Blue Cross Blue Shield of Michigan Mutual
Insurance Company.
AM Best has upgraded the FSR to A (Excellent) from A-
(Excellent) and the Long-Term ICRs to “a” (Excellent) from “a-”
(Excellent). In addition, AM Best has revised the outlooks to
stable from positive for the following members of the AmeriTrust
Group:
- Star Insurance Company
- Century Surety Company
- ProCentury Insurance Company
- Williamsburg National Insurance Company
- Ameritrust Insurance Corporation
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 use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
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.
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Michael Venezia Senior Financial Analyst +1 908 882
2414 michael.venezia@ambest.com Doniella Pliss
Director +1 908 882 2245 doniella.pliss@ambest.com
Christopher Sharkey Associate Director, Public Relations
+1 908 882 2310 christopher.sharkey@ambest.com Al Slavin
Senior Public Relations Specialist +1 908 882 2318
al.slavin@ambest.com