AM Best assigns the performance review to First Indemnity Insurance Agency, Inc. | Business Insurance

know about this AM Best assigns the performance review to First Indemnity Insurance Agency, Inc.

in complete details.

OLDWICK, New Jersey–(COMMERCIAL WIRE)–I am better has assigned a Performance Rating of PA-3 (Strong) to First Indemnity Insurance Agency, Inc. (First Indemnity) (Lynn, MA). The perspective assigned to the Performance Evaluation (evaluation) is stable.

This assessment reflects First Indemnity’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent, and strong depth and breadth of relationships.

First Indemnity is a managing general agent (MGA) specializing in professional liability insurance in the US market. For more than 30 years, First Indemnity has proven its expertise in designing professional liability products for legal professionals. This experience and track record of developing staff further benefits First Indemnity’s underwriting capabilities and is an asset to partnering with capacity providers.

First Indemnity’s corporate governance and internal controls are strong given its size and scale. First Indemnity conducts regular internal reviews, covering underwriting and compliance. In addition, the company is subject to multiple external audits to capture service measures from the perspective of its stakeholders and regulators. There is sufficient system integration with (re)insurance partners.

The company’s financial performance indicators are assessed as strong. First Indemnity has posted stable and profitable overall earnings for several periods. Operations are oriented as a capital efficient independent small business. Current operations are within the financial capacity of the organization and are expected to remain so. All insurance risk is placed outside the organization with no exposures retained by First Indemnity.

See also  The global disability insurance market will reach $9.2 billion by 2031: | Business Insurance

The firm is staffed appropriately for its size and scope with extensive industry experience serving the professional liability needs of the legal community. The organization has a concise structure with clear and direct reporting and operational responsibilities.

The composition of First Indemnity’s programs is focused on providing coverage for the legal industry with the ability to provide coverage in all 50 states. The company has relationships with a number of well-qualified capacity providers. The permanence of the company in its respective market is considered a strength.

This news release relates to performance reviews that have been posted on the AM Best website. For full information regarding the release and relevant disclosures, including details of the office responsible for issuing each of the Performance Reviews referenced in this release, please refer to AM Best’s website. For additional information on the use and limitations of performance reviews, see Best’s Performance Review Guide for Companies with Delegated Underwriting Authority. 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.

See also  array | Business Insurance