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FOR IMMEDIATE RELEASE
OLDWICK - JULY 14, 2016 12:32 PM (EDT)
A.M. Best has upgraded the issuer credit ratings (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of A (Excellent) of the members of the IFG Companies (IFG): First Financial Insurance Company, its subsidiary, Alamance Insurance Company, and its two affiliates, Guilford Insurance Company and The Burlington Insurance Company. The outlook for the ICR has been revised to stable from positive, while the outlook for the FSR remains stable. IFG’s parent holding company is International Financial Group, Inc., a privately held company. All companies are headquartered in Burlington, NC.
The ratings are based on the consolidation of the group members and reflect the group’s strong balance sheet, favorable underwriting and operating profitability, and sustained surplus growth. The ratings also recognize IFG’s excellent geographic spread of risk, effective use of technology and multiple distribution channels, and limited catastrophe exposure. These positive rating factors are partially offset by continued constraints on growth due to conditions in select markets.
A.M. Best believes IFG is well-positioned at its current rating level for the near to midterm, although positive rating action may occur if IFG sustains underwriting and operating results that outperform the composite average over the longer term. However, negative rating action could occur if there is a material decline in risk-adjusted capitalization or deterioration in financial performance.
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 see A.M. Best’s Recent Rating Activity web page.
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