OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Insurance Company of the West (headquartered in San Diego, CA) and its pooled subsidiaries, collectively referred to as ICW group. (See below for a detailed listing of subsidiaries.) The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect ICW group’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The revised Long-Term ICR outlook to positive reflects recent strategic initiatives that have enhanced the group’s business profile as a result of management’s focus on product and geographic diversification, pricing sophistication and data analytics to better manage risk exposures. Continued enhancement of the group’s business profile derived from initiatives that contribute to profitable growth could result in an upgrade of the Long-Term ICR over the intermediate term. The positive Long-Term ICR outlook considers AM Best’s expectation that ICW group will continue demonstrating strong operating performance while maintaining risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
The expansion of ICW group’s assumed reinsurance business in...
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