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.

This press release relates to the credit ratings published on the AM Best website. All rating information relating to the press release and relevant disclosures, including details of the individual rating entity referred to in this press release, can be found on the AM Best website for recent rating activity. For more information about the use and limitations of credit ratings, see the Best Credit Ratings Guide.For information on how to properly use Best Credit Ratings, Best Preliminary Credit Ratings, and AM Best's press releases, see the Best Use Ratings and Ratings Guide Best.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. The company, headquartered in the USA, operates in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. More information is available at www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.

Comments are closed.