CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 24, 2017 11:13 AM (EST)
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Prism Assurance, Ltd. (Prism) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Prism’s strong capitalization and solid operating performance. Also supporting the ratings are Prism’s strategic role as the captive insurance company of Apogee Enterprises, Inc. (Apogee), and the parental support and financial flexibility available to Prism as part of Apogee. The company further benefits from its low overhead cost structure and extensive loss control programs, which have resulted in a decrease in claim frequency and loss expenses across Apogee’s business units.
Partially offsetting rating factors are Prism’s degree of dependence on Apogee, and the inherent volatility and challenges brought on by its narrow business and geographic scope. Nonetheless, the ratings recognize the company’s balance sheet strength and conservative underwriting leverage measures.
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.
This press release relates to Credit Ratings 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 see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.