Best’s News & Research Service - September 02, 2015 09:24 AM (EDT)
A.M. Best Withdraws Ratings of AmerInst Insurance Company, Ltd. and AmerInst Insurance Group, Ltd.
Oldwick //BestWire// - A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating (ICR) of "bbb+" of AmerInst Insurance Company, Ltd. (AmerInst) (Bermuda). Additionally, A.M. Best has affirmed the ICR of "bb+" of AmerInst's parent company, AmerInst Insurance Group, Ltd. (Bermuda). The outlook for all ratings is stable. Concurrently, A.M. Best has withdrawn all ratings due to management's request to no longer participate in A.M. Best's interactive rating process.
The ratings reflect AmerInst's strong risk-adjusted capitalization, experienced management team and niche expertise in providing professional liability coverage. Additionally, the rating also recognizes AmerInst's long-term contractual relationship with Crum and Forster Insurance Company, its partner in underwriting, marketing and claims.
Partially offsetting these negative rating factors are AmerInst's unfavorable underwriting and operating performance over the past five years due to its investment in new underwriting facilities focused on providing coverage to small law and accounting firms, and the longer-than-anticipated execution of its business plan.
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best's Ratings & Criteria Center.
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