AM Finest assigns credit score scores to Western House Insurance Firm – Enterprise Wire

OLDWICK, N.J .– (BUSINESS WIRE) – AM Best has assigned the Western Home Insurance Company (WHIC) a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) . (Minneapolis, MN). The outlook assigned to these credit ratings is stable. At the same time, AM Best has confirmed the FSR of A- (Excellent) and the long-term ICRs of "a-" (Excellent) from Obsidian Insurance Company (Columbus, OH) and Obsidian Specialty Insurance Company (Wilmington DE). The outlook for these ratings is stable. Collectively, these companies are known as the Obsidian Insurance Group. WHIC is renamed Obsidian Pacific Insurance Company.

The ratings reflect the balance sheet strength of the Obsidian Insurance Group, which AM Best rates as very strong, as well as the appropriate operational performance, the limited business profile and the appropriate Enterprise Risk Management (ERM).

The rating confirmations of the group justify its supporting risk-adjusted capital during the initial start-up phase, the operational performance in line with the previous expectations of AM Best, the retention of its business model and the implementation of measures through its ERM structure to mitigate contractual, credit and underwriting risk.

The ratings assigned to WHIC recognize an internal pool agreement across all members of the group.

Negative rating measures can occur when the Group's risk-adjusted capital falls below required levels, actual operating results are outside the acceptable range of the original projections, the company is unable to operate within the parameters of its business profile or its risk appetite and tolerance Gaining a foothold will prove insufficient for the organization's profile and risk management practices.

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