A.M. Best Downgrades and Withdraws Ratings of Safe Harbor Insurance Company
| Business Wire, Inc. |
The rating actions consider Safe Harbor’s declining risk-adjusted capitalization, resulting from a significant increase in its elevated underwriting leverage position caused by a 104% increase in net written premiums in 2011. Additionally, the ratings consider the company’s geographic concentration of risk, susceptibility to weather-related events as a
These negative rating factors are offset by Safe Harbor’s favorable operating performance since inception and implicit support from its new parent,
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; “Rating Members of Insurance Groups”; and “Insurance Holding Company and Debt Ratings.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899,
Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
Senior Financial Analyst
kevin.dorsey@ambest.com
or
Assistant Vice President
gary.davis@ambest.com
or
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Assistant Vice President, Public Relations
james.peavy@ambest.com
Source:
| Copyright: | Copyright Business Wire 2012 |
| Wordcount: | 304 |
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