AM Best Affirms Credit Ratings of Concert Insurance Group Members | Business Insurance

know about this AM Best Affirms Credit Ratings of Concert Insurance Group Members

in complete details.

OLDWICK, New Jersey–(COMMERCIAL WIRE)–I am better has affirmed the Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) of Concert Specialty Insurance Company (CSIC) (Helena, MN) and its wholly owned subsidiary, Concert Insurance Company (CIC) (Rolling Meadows, IL). The outlook on these Credit Ratings (ratings) is stable. Collectively, these companies operate under an intercompany pooling agreement and are known as the Concert Insurance Group (Concert).

The ratings reflect Concert’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and adequate enterprise risk management (ERM).

The ratings consider Concert’s balance sheet position and take into account the capital increase that occurred in 2021 by its new owners, a portion of which was injected into both CSIC and CIC. The remaining proceeds reside in the holding company, Concert Group Holdings, Inc., which will be used to fund future growth and facilitate expansion initiatives. On a projected basis, Concert’s risk-adjusted capitalization level, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed at the strongest level and supports growth initiatives for years to come.

Concert’s operating performance assessment of adequate is based on management’s business plan and projections that are closely aligned with its strategy. The ratings also reflect the group’s limited business profile, which remains in its early stages and is expected to expand over time. ERM’s assessment of appropriate is based on Concert being led and governed by leadership that has established a risk framework, risk appetite and risk tolerance.

See also  Munich Re Specialty Insurance implements Bond-Pro's next generation security solution in less than 90 days

Concert was founded by a group of experienced insurance industry executives in response to growing market demand for coverage. On both an admitted and surplus lines basis, the group offers front products and services, as well as options for alternative risk transfer structures, leveraging the experience and relationships of its management team and strategic partners. As is customary, AM Best will closely monitor results against business plans to ensure any deviations remain within the scope of current rating assessments.

This news release relates to credit ratings that have been posted on AM Best’s website. For full rating information related 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 on the use and limitations of credit rating opinions, see Best Credit Score Guide. For information on the proper use of Best’s Credit Ratings, Best’s Performance Reviews, Best’s Preliminary Credit Reviews, and AM Best’s press releases, see Guide to the proper use of Best ratings and evaluations.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company operates in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.