A.M. Best Withdraws Credit Ratings of Plans’ Liability Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-“ of Plans’ Liability Insurance Company (headquartered in Oakbrook Terrace, IL). The outlook of these Credit Ratings (ratings) remains negative. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The rating affirmations reflect the company’s solid, yet deteriorating, level of risk-adjusted capitalization and improved loss reserving trends in 2016. Surplus has declined 39% over the last five years through 2016 but remained relatively flat as of first quarter 2017. Negative rating factors include continued deteriorating operating and underwriting performance, which has been hampered by a class-action lawsuit and competitive market conditions.

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 A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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A.M. Best

Kimberly Muccia, +1-908-439-2200, ext. 5731

Financial Analyst

kimberly.muccia@ambest.com

or

Brian O’Larte, +1-908-439-2200, ext. 5432

Associate Director

brian.o'larte@ambest.com

or

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

Manager, Public Relations

christopher.sharkey@ambest.com

or

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

Director, Public Relations

james.peavy@ambest.com

Source: A.M. Best