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FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 21, 2018 10:27 AM (EDT)
A.M. Best has revised the outlooks to stable from negative and has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Lancer Indemnity Company (Long Beach, NY) and Lancer Insurance Company (Chicago, IL) (collectively referred to as the Lancer Group).
The ratings reflect Lancer Group’s 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.
The revision of the outlooks reflects improved underwriting performance over the last two years following a substantial strengthening of net loss reserves in 2015. Much more modest levels of adverse loss reserve development since that year allowed the Lancer Group to produce a combined ratio in 2017 that was below that of the commercial auto composite for the first time since 2012.
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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