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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 10, 2018 01:43 PM (EDT)
A.M. Best has upgraded the Financial Strength Rating (FSR) to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “bbb” for the members of Palisades Group (Palisades) and High Point Homeowners Group (High Point). The outlook for all Credit Ratings (ratings) is stable. These entities are operating subsidiaries of their parent company, Palisades Safety and Insurance Association. All companies are headquartered in Red Bank, NJ. (See below for a detailed listing of the companies.)
Palisades’ ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
High Point’s ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The rating upgrades reflect Palisades and High Point’s improved underwriting and operating performance in recent years and enhancements to their catastrophe reinsurance program, which has improved risk-adjusted capitalization. Performance also has improved in the core books of business as a result of underwriting discipline and rate actions. The groups, which operate under the Plymouth Rock Assurance brand name, also have benefited from milder weather patterns in recent years. The ratings also reflect management’s extensive experience and expertise in the New Jersey automobile and homeowners’ insurance markets. The groups, which recently entered the Pennsylvania market and have applications for licensure pending in New York and Connecticut, utilize several distribution channels to produce business and maintain their market share in New Jersey’s competitive and challenging insurance market. Conversely, as predominantly single state writers, Palisades and High Point remain susceptible to frequent and severe localized weather and to economic, judicial and regulatory issues.
The FSR has been upgraded to A- (Excellent) from B++ (Good) and the Long-Term ICRs have been upgraded to “a-” from “bbb”, all with stable outlooks, for the following members of the Palisades Group:
The FSR has been upgraded to A- (Excellent) from B++ (Good) and the Long-Term ICRs have been upgraded to “a-” from “bbb” , all with stable outlooks, for the following members of the High Point Homeowners Group:
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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