A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and issuer credit ratings (ICR) of “a-” of AmTrust
Group (AmTrust) (New York, NY). The ratings apply to AmTrust
International Insurance, Ltd. (AII) (Bermuda), Technology
Insurance Company, Inc. (Technology) (Nashua, NH), Rochdale
Insurance Company (Rochdale) (New York, NY), Wesco Insurance
Company (Wesco) (Dover, DE), Milwaukee Casualty Insurance Company
(MCIC) (Brookfield, WI), Security National Insurance Company
(SNIC) (Dallas, TX), Trinity Universal Insurance Company of Kansas,
Inc. (TUIC) (Topeka, KS), Trinity Lloyd’s Insurance Company (Trinity
Lloyds) (Dallas, TX) and AmTrust International Underwriters Limited (Dublin,
Ireland) (AIUL), which operate through an intercompany quota share
reinsurance arrangement with AII. Concurrently, A.M. Best has affirmed
the ICR of “bbb-” of the parent holding company, AmTrust Financial
Services, Inc. (AFSI) (New York, NY) [NASDAQ: AFSI]. The outlook for
all ratings is positive.
The ratings reflect the consolidated group's solid balance sheet
strength, sustained strong operating performance within its niche market
segments and the benefits derived from its parent, including the
commitment to maintain sufficient capital to support the group's
expanding operations.
Partially offsetting these positive factors are the group's growth in
both premium volumes and associated liabilities in recent years
primarily achieved through renewal rights transactions; the inherent
risk associated with integrating new business; and the impact of both
realized and unrealized investment losses in 2008, which constrained
growth in the group's consolidated equity. Despite these concerns, the
outlook reflects the group's sustained strong operating results within
its market segments, ongoing access to capital and commitment to prudent
underwriting through its proven business platform.
For Best’s Credit Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including
any additional methodologies and factors that may have been considered,
can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service credit
rating organization dedicated to serving the financial and health care
service industries, including insurance companies, banks, hospitals and
health care system providers. For more information, visit www.ambest.com.
A.M. Best Company
Analysts:
Gordon
McLean, 908-439-2200, ext. 5304
gordon.mclean@ambest.com
or
Michelle
Baurkot, 908-439-2200, ext. 5507
michelle.baurkot@ambest.com
or
Public
Relations:
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle
Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com
