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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” of Southern General Insurance Company (SGIC) (Marietta, GA).

The Credit Ratings (ratings) reflect SGIC’s balance sheet strength, which AM Best categorizes as adequate, as well as its weak operating performance, limited business profile and marginal enterprise risk management.

The revision of the outlooks to positive reflects the improvement in operating performance in recent years that are the result of underwriting initiatives to improve rate adequacy and risk selection. Although the expense ratio remains elevated compared with the composite, it has been on a downward trend and is a contributing factor to the improved underwriting performance. Risk-adjusted capitalization remains adequate, mostly due to historically unfavorable reserve development and elevated, although improving, leverage measures. Furthermore, the company has limited scale of operations. SGIC’s business profile is limited due to its product offering and geographic concentration of risk.

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.

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Janet Hernandez

Senior Financial Analyst

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Christopher Sharkey

Manager, Public Relations

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Joseph Burtone


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Jim Peavy

Director, Public Relations

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