A.M. Best Upgrades Ratings of Paratransit Insurance Company a Mutual Risk Retention Group

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to “a” from “a-” of Paratransit Insurance Company a Mutual Risk Retention Group (Paratransit) (Memphis, TN). The outlooks have been revised to stable from positive.

The rating actions reflect Paratransit’s strong risk-adjusted capitalization, historically profitable operating results, and management expertise in the commercial auto liability market. Additionally, supportive rating factors include expansion of Paratransit’s enterprise risk management programs, and underwriting performance that compares favorably with its peer companies. These positive rating factors are partially offset by the risks inherent in the company’s single-product profile. In addition, A.M. Best continues to monitor the company’s loss reserve development.

While Paratransit is well-positioned at the current rating level, negative rating actions could occur if the operating performance falls markedly short of A.M. Best’s expectation or if there is a material weakening of the company’s risk-adjusted capitalization.

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 see A.M. Best’s Recent Rating Activity web page.

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

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A.M. Best

Vicky Riggs, +1-908-439-2200, ext. 5039

Financial Analyst

[email protected]

or

Gary Davis, +1-908-439-2200, ext. 5665

Assistant Vice President

[email protected]

or

Christopher Sharkey, +1-908-439-2200, ext. 5159

Manager, Public Relations

[email protected]

or

Jim Peavy, +1-908-439-2200, ext. 5644

Assistant Vice President, Public Relations

[email protected]

Source: A.M. Best