A.M. Best Withdraws Credit Ratings of Unique Insurance Company
OLDWICK, N.J.–(BUSINESS WIRE[1])–A.M. Best has affirmed the Financial Strength Rating (FSR) of C++
(Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
“b+” of Unique Insurance Company (Unique) (Chicago, IL). The
outlook of the FSR is stable, while the outlook of the Long-Term ICR is
negative. Concurrently, A.M. Best has withdrawn the Credit Ratings
(ratings) as the company has requested to no longer participate in A.M.
Best’s interactive rating process.
The ratings reflect Unique’s marginal risk-adjusted capitalization
mainly due to aggressive growth and adverse loss development. The
company’s leverage measures also are well in excess of the private
passenger non-standard automobile composite. These negative rating
factors are offset partially by the company’s generally positive
operating results. Positive net income is generated from the company’s
net investment income and substantial fee income that offsets overall
underwriting losses.
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[2] web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings[3].
A.M. Best is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com[4].
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its
subsidiaries. ALL RIGHTS RESERVED.
References
- ^ BUSINESS WIRE (www.businesswire.com)
- ^ Recent Rating Activity (cts.businesswire.com)
- ^ Understanding Best’s Credit Ratings (cts.businesswire.com)
- ^ www.ambest.com (cts.businesswire.com)
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