Press Release - AUGUST 25, 2017
A.M. Best Revises Outlooks to Positive for American Strategic Insurance Corp and Affiliates
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 25, 2017
The revised outlooks for ASI reflect the financial and operational enhancements that its ultimate parent, The Progressive Corporation (Progressive), has provided to ASI since the acquisition of majority ownership in ASI and its affiliates in 2015. In addition, ASI’s current distribution network has been broadened further through Progressive’s extensive market penetration and bundling opportunities between ASI’s exclusively homeowners line of business, and Progressive’s market profile as one of the leading writers of automotive insurance in the United States.
Negative rating action may follow a sudden, unexpected and material decline in risk-adjusted capitalization, a sustained deterioration in operating performance or the weakening of any material basis of support from Progressive,. Positive rating actions could follow from material improvement in risk-adjusted capitalization, sustained favorable operating performance, or a strengthening of the material basis of support from Progressive.
The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been affirmed, and the outlooks revised to positive from stable for American Strategic Insurance Corp and its following affiliates:
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