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FOR IMMEDIATE RELEASE
OLDWICK - OCTOBER 29, 2020 12:49 PM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Synergy Insurance Company (Synergy) (Charlotte, NC). Synergy will be renamed as Prescient National Insurance Company in February 2021.
The Credit Ratings (ratings) reflect Synergy’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The positive outlooks reflect Synergy’s favorable operating performance, which is demonstrated by five-year and ten-year operating metrics that have outperformed the workers’ compensation (WC) composite by double digits. The favorable metrics demonstrate Synergy’s dedication to appropriate risk selection, conservative exposure management, proactive claims handling and prudent reserve selection. AM Best expects a continued trend of operating performance metrics that outperform the WC composite, while maintaining a very strong balance sheet strength, supported by risk-adjusted capitalization assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.