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,
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 primarily due to the efficiencies gained through premium growth that occurred with the recapture of previously lost business.
Positive rating movement is possible if the company sustains continued improvement in operating performance or shows additional improvements in its risk-adjusted capitalization levels. The ratings could be negatively impacted by deterioration in underwriting and operating results, a developing trend of material adverse loss development, or if the pool’s risk-adjusted capitalization deteriorates to a level that no longer supports the current ratings.
The ratings for 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.
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Senior Financial Analyst
Jacqalene Lentz, CPA, +1-908-439-2200, ext. 5762
Managing Senior Financial Analyst
Manager, Public Relations
Assistant Vice President, Public Relations