A.M. Best Affirms Credit Ratings of Atlas Financial Holdings, Inc. and Its Subsidiaries
At the same time,
The affirmations of the
The pool’s volatile, and at times, weak risk-adjusted capital position, was the result of achieving significant premium growth over the past several years through an acquisition by its parent, Atlas. However, the pool’s capital position was improved significantly in 2015, as a result of the issuance of three surplus notes from the pool to its parent, totaling
The improved operating results, beginning in 2012, demonstrate Atlas’ strategic focus on its historically profitable lines of business, while running off non-core lines and books of business produced by managing and general agents. Favorable underwriting performance drove the improved results with the cancellation of unprofitable business, base rate increases, fraud mitigation, the absence of significant reserve strengthening and greater geographic diversification. The expense ratio reduction was due primarily to the efficiencies gained through premium growth that occurred with the recapture of previously lost business.
Future positive rating action may occur if the pool continues to show improvement in its operating performance or shows additional improvement in its risk-adjusted capitalization levels. However, negative rating action could occur if the pool experiences deterioration in underwriting and operating performance, develops a trend of reporting material adverse loss reserve development, or experiences deterioration in risk-adjusted capitalization to a level that no longer supports the current ratings.
The ratings of Global reflect its expertise within the
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
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