OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating (FSR) of A++ (Superior) and the issuer credit ratings of “aa+“ of Philadelphia Indemnity Insurance Company (PIIC) and its affiliate, Tokio Marine Specialty Insurance Company (both headquartered in Bala Cynwyd, PA), which operate under a pooling agreement, collectively referred to as Philadelphia Insurance Companies (Philadelphia). The outlook for all ratings is stable.

The ratings reflect the group’s excellent risk-adjusted capital position, underwriting and operating results favorable to its peers, continuing overall profitability and conservative reserve positions. Additional supporting factors include significant diversification by product and geographic area, the depth and breadth of enterprise risk management programs and policies and a strong relationship with distribution partners. Also supporting the ratings is the group’s unique role within Tokio Marine Holdings, Inc. (TMHD) (Tokyo, Japan) and its 100% ownership by Tokio Marine North America, Inc., an insurance holding company subsidiary of Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) (Tokyo, Japan). This considers operational support provided by TMNF, and Philadelphia’s strategic role in the ultimate parent’s global strategy.

These positive rating factors are partially offset by the group’s exposures to potential natural catastrophe and terrorism losses. In addition, the group’s business profile as a specialty risk writer moderates the benefits of diversification, though it provides significant rate and form flexibility.

Positive rating action in the near term is unlikely. Factors that may lead to a negative rating action include a substantial decline in operating performance or loss of risk-adjusted capital from a significant catastrophic loss, or modifications to the pooling agreement. Furthermore, any changes in the rating of the ultimate parent or its commitment to support the operations of Philadelphia will affect the ratings directly.

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. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• Catastrophe Analysis in A.M. Best Ratings
• Rating Members of Insurance Groups
• Risk Management and the Rating Process for Insurance Companies
• Understanding BCAR for Property/Casualty Insurers

This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

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A.M. Best

Robert Raber, 908-439-2200, ext. 5696

Senior Financial Analyst

[email protected]

or

Henry Witmer, CPCU, ARM-E, 908-439-2200, ext. 5097

Assistant Vice President

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or

Christopher Sharkey, 908-439-2200, ext. 5159

Manager, Public Relations

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or

Jim Peavy, 908-439-2200, ext. 5644

Assistant Vice President, Public Relations

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Source: A.M. Best Company

The late Mack Hannah Jr. was an enterprising individual with many successful business ventures that led to him becoming a millionaire and likely the wealthiest black in the state of Texas at one time, according to the Texas State Historical Association.

Born in Brenham, his family moved to Port Arthur and he graduated from Lincoln High School and Bishop College and became the school's first All-American football player.

The Museum of the Gulf Coast has an exhibit recognizing Hannah's many accomplishments.

He worked as a physical education teacher at Lincoln High School and later joined the Orange Casket Company, becoming their first black salesman, according to his bio at the Museum.

During World War II, Hannah was employed by the nation's first synthetic rubber plant in Port Neches. He ran the housing and food concession, taking care of over 6,000 workers. He then moved to Houston, where he became the president of the Mack H. Hannah Life Insurance Company, founded the Gulf Western Mortgage Company, and the Standard Savings and Loan Association, and became director of the Homestead Bank. He served for over thirty-one years as a trustee of Bishop College and held the office of Regent of Texas Southern University and the University of Houston.

In 1940, President Franklin D. Roosevelt appointed Hannah as Consul to the Republic of Liberia, a post he held for over 42 years. In 1966, he attended the Subregional Meeting on Economic Cooperation in Niamey, Nigeria, as the personal representative of President Johnson. Texas Southern University conferred the honorary Doctor of Humanities Degree on him in 1974. In 1968, he was awarded the honorary Doctor of Laws Degree from Bishop College. Hannah was also appointed to serve as a member of the White House Conference on Youth and Children.