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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 26, 2019 11:10 AM (EDT)
AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-“ to AzGUARD Insurance Company (AzGUARD) (Omaha, NE). The outlook assigned to these Credit Ratings (ratings) is stable.
This rating assignment follows the amendment of the intercompany pooling agreement between NorGUARD Insurance Company, AmGUARD Insurance Company, EastGUARD Insurance Company, WestGUARD Insurance Company (collectively, GUARD), and the assignment of a pooled (p) affiliation code. AzGUARD received approval for its Certificate of Authority domiciled in Nebraska on Jan. 8, 2019, and was capitalized initially with $1 million in paid-up capital and $24 million in contributed surplus, for a total of $25 million. AzGUARD is a licensed insurance company domiciled in Nebraska, and will operate in other states on a non-admitted basis, in the commercial lines, property/casualty lines on a commercial basis, and personal lines in the homeowners segment.
The ratings reflect GUARD’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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