OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with positive implications
and upgraded the Financial Strength Rating to A (Excellent) from B++
(Good) and the Long-Term Issuer Credit Ratings to “a+” from “bbb+” of
Superior Specialty Insurance Company (Superior Specialty)
(Delaware) (previously did business as Savers Property and Casualty
Insurance Company). The outlook assigned to these Credit Ratings
(ratings) is stable.
The ratings reflect Superior Specialty’s balance sheet strength, which
AM Best categorizes as very strong, as well as its strong operating
performance, neutral business profile and appropriate enterprise risk
management.
The ratings also reflect Superior Specialty’s role as a member of the
State National Group. Explicit support is provided to Superior Specialty
through its participation in an inter-company pool with the members of
the State National Group. Other implicit factors supporting this
relationship are common ultimate ownership and management along with a
strategic alignment across the organization. The transaction closed on
Nov. 2, 2018, and subsequently, the company was renamed, the domicile
was changed to Delaware from Missouri and the pooling agreement received
regulatory approval.
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 Understanding
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 rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.
Contacts
Lewis DeLosa
Financial Analyst
+1 908 439
2200, ext. 5529
[email protected]
Jennifer
Marshall
Director
+1 908 439 2200, ext. 5810
[email protected]
Christopher
Sharkey
Manager, Public Relations
+1 908 439
2200, ext. 5159
[email protected]
Jim
Peavy
Director, Public Relations
+1 908 439
2200, ext. 5644
[email protected]
