AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a' (Excellent) of the
Concurrently, AM Best has affirmed the Long-Term ICR of 'bbb' (Good) of
The ratings reflect
The balance sheet strength assessment reflects
The group's operating earnings have performed generally in line with its peers over the past five years. While the core commercial specialty segment, which focuses on small- to middle-market customers, has been profitable consistently, other operating segments have been more volatile, mostly driven by exposure to catastrophes and secondary perils, including wind and wildfire. Over the past two years, the group has exited these more volatile business segments to concentrate on its core competencies, which is expected to result in a more consistent pattern of earnings.
The FSR of A (Excellent) and the Long-Term ICRs of 'a' (Excellent) have been affirmed with stable outlooks for the subsidiaries of
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