OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best Co. has upgraded the financial strength rating to A
(Excellent) from A- (Excellent) and issuer credit rating to â€œaâ€ from
â€œa-â€ of Utica First Insurance Company (Utica First) (Oriskany,
NY). The outlook has been revised to stable from positive.
The rating actions reflect Utica Firstâ€™s successful underwriting
initiatives that have led to six years of consistently profitable
underwriting results; the companyâ€™s strong return measures and loss
ratios that are favorable to its commercial casualty peers; and strong
capitalization that has consistently improved over a five-year period.
These positive rating factors are partially offset by Utica Firstâ€™s
geographic concentration, the potential impact of weak economic
conditions affecting its contractorâ€™s book of business and the potential
impact of both natural and man-made catastrophe losses. Nonetheless,
operating results over the past 10 years have not been impacted by
weather-related losses, and its September 11 losses were relatively
modest given its New York City writings.
The rating outlook reflects Utica Firstâ€™s strong capitalization and A.M.
Bestâ€™s expectation that current solid underwriting results will continue
during the medium term.
For Bestâ€™s 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 Co.AnalystsMarc
Liebowitz,Â 908-439-2200, ext. 5071[email protected]orGerard
Altonji,Â 908-439-2200, ext. 5626[email protected]orPublic
RelationsJim Peavy, 908-439-2200, ext. 5644[email protected]orRachelle
Morrow, 908-439-2200, ext. 5378[email protected]
Source: A.M. Best Co.