A.M. Best Affirms Ratings of SeaBright Insurance Company and SeaBright Insurance Holdings, Inc.

A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating (ICR) of “a-” of SeaBright Insurance Company (SBIC) (Chicago, IL). Concurrently, A.M. Best has affirmed the ICR of “bbb-” of SBIC’s holding company parent, SeaBright Insurance Holdings, Inc. (SIH) (Delaware) [NYSE: SBX]. The outlook for all ratings is stable.

These rating actions reflect SBIC’s solid capitalization, strong underwriting and operating results and experienced management team within its niche market for multi-jurisdictional workers’ compensation insurance.

These positive factors are somewhat offset by the operational and marketplace challenges associated with SBIC’s successful execution of its geographic and coverage lines expansion, as well as the company’s relatively unseasoned loss reserves. Despite these concerns, the outlook reflects SBIC’s sustained strong operating performance achieved through solid underwriting results and the improved capitalization that is further supported by the financial commitment of SIH.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit http://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 http://www.ambest.com/ratings/methodology.