A.M. Best Assigns Credit Ratings to Agrinational Illinois Insurance Company; Affirms Credit Ratings of Affiliates
The ratings reflect their adequate risk-adjusted capitalization and strategic role as captive insurers of
Partially offsetting the favorable rating factors is the high net retention on property exposures, which has produced some variability in operating results and capital. Also, as a single parent captive, Agrinational is exposed to concentration risk as captives’ primary source of business is generally from one company. This is somewhat minimized by the group’s diversified book of business and the parent’s geographically disbursed assets. The captive program also provides insurance for a limited amount of third-party business sourced through an industry pooling arrangement.
As a means of diversifying its investment portfolio, Agrinational has invested in the leasing of railcars, tractor trailers, tugboats and barges. Management considers these investments as long term and better aligned with Agrinational’s capital structure, while providing stability in investment returns.
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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