The ratings reflect the group members' excellent operating performance, which outperforms the peer composite over the long term, strong risk-adjusted capitalization and demonstrated expertise within the transportation industry, which is its niche market. In addition, the ratings acknowledge the experienced management team and conservative operating philosophy.
Partially offsetting these positive rating factors are the concentration of business within the passenger and truck transportation industries, the inherent risks associated with modest new business premium growth occurring within the group's ART business component, and to a lesser extent, the risks associated with the 2010 acquisition of
Positive rating actions could be taken on
The FSR of A (Excellent) and ICRs of "a+" have been affirmed for the following members of
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides an explanation of
Founded in 1899,
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