A.M. Best Revises Outlooks to Stable for Millers Capital Insurance Company
The stable outlooks are based on Millers’ improved operating performance in recent years, and A.M. Best’s expectation that management’s underwriting initiatives and improved enterprise risk management (ERM) capabilities will continue to favorably impact operating performance and strengthen overall capitalization.
The Credit Rating (rating) affirmations reflect Millers’ very strong balance sheet strength, improved operating results in recent years, and appropriate ERM for the company’s size and risk profile. Partially offsetting these positive rating factors are volatile historical operating performance trends and limited business profile.
A positive rating factor is Millers’ very strong balance sheet, which is supported by its conservative reserve position and solid liquidity levels due to its high quality assets. Improved operating results in recent years have been driven by several rating factors including below-average catastrophe loss experience, underwriting, and pricing initiatives and ongoing exposure management efforts. Also, the company recently has adopted a formalized ERM process that has enhanced its risk awareness and risk culture.
A negative rating factor is Millers’ limited business profile reflective of its product line and geographic risk concentration. The commercial multi-peril line reflects more than 90% of direct premiums written, mostly in
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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