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FOR IMMEDIATE RELEASE
OLDWICK - JULY 05, 2016 08:43 AM (EDT)
A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to The Gray Insurance Company of Louisiana (GICLA) (Metairie, LA). The outlook assigned to each rating is stable.
GICLA is a newly formed, wholly owned subsidiary of The Gray Insurance Company (GIC). The company plans to write excess workers’ compensation, excess automobile liability, excess general liability and excess liability coverages. The ratings assigned to GICLA reflect the existence of a 100% intercompany quota share reinsurance agreement with GIC, effective July 1, 2016. As a result of this agreement, GICLA is a rating unit member of Gray Insurance Group (Gray).
Future positive rating actions may result if Gray outperforms expectations for an extended period of time. Negative rating actions could result if the Gray’s operating performance falls markedly short of A.M. Best’s expectations, which may or may not be coupled with a significant weakening of risk-adjusted capitalization.
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.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.