A.M. Best Affirms Credit Ratings of AmFirst Insurance Company and Monitor Life Insurance Company of New York
The following rating actions referenced below were made on
The rating affirmations of
Partially offsetting rating factors include a somewhat limited product portfolio, restricted access to capital, increased medical and operating costs and market challenges. AmFirst’s product offerings continue to expand, mainly through international medical and disability products written by Monitor Life; however, the organization's medi-gap and dental products are the main drivers of premiums and earnings for the company. Monitor Life’s earnings are more diversified with international medical products and accident and health offerings.
The ratings of TPM reflect its stable projected premium trend from primarily its medi-gap insurance product sales in expansion markets, operating gains and increased level of risk-adjusted capitalization. Offsetting these favorable rating attributes includes limited geographic diversification, the addition of a small block of reclaimed long-term care business and the potential for losses exceeding A.M. Best’s expectations.
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
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