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FOR IMMEDIATE RELEASE
OLDWICK - JULY 02, 2014 03:59 PM (EDT)
A.M. Best has affirmed the financial strength rating (FSR) of B+ (Good) and the issuer credit rating (ICR) of "bbb-" of Evergreen USA Risk Retention Group, Inc. (Evergreen USA) (Burlington, VT).
A.M. Best also has affirmed the FSR of A- (Excellent) and the ICR of "a-" of Evergreen Indemnity, Ltd. (Evergreen Indemnity) (Barbados). The outlook for all ratings is stable. Concurrently, A.M. Best has withdrawn the ratings as the companies have requested to no longer participate in A.M. Best's interactive rating process.
The ratings reflect Evergreen USA and Evergreen Indemnity's continued favorable operating performances(this can remain singular) over the past few years, their favorable risk-adjusted capitalizations and operating results, which they have experienced since structural changes were implemented in prior years. The companies have demonstrated a commitment to building a capital base from operations as demonstrated by the significant increase in their Best's Capital Adequacy Ratio (BCAR) score.
During 2005, Evergreen USA and Evergreen Indemnity significantly decreased their net retention per occurrence by making changes to their reinsurance programs. The companies also benefit from shared management and partial common ownership. A.M. Best recognizes Evergreen USA and Evergreen Indemnity's continued strides in their extensive loss control programs and the positive effect on the financial results of the companies.
A.M. Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world.
For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.