AM Best Affirms Credit Ratings of Berkshire Hathaway Homestate Insurance Company and Its Affiliates
The ratings reflect BHHC’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect BHHC’s strong risk-adjusted capitalization, historically profitable operating performance, aggressive claims management, conservative loss reserving and the executive team’s successful track record in managing operations. Additionally, these ratings consider the additional financial flexibility and support provided by the group’s publicly traded parent and ultimate shareholder, Berkshire Hathaway Inc. [NYSE: BRK A and BRK B].
The positive rating factors are offset somewhat by challenging market conditions and its business profile, which remain somewhat concentrated in the workers’ compensation line, primarily in
While the group is well-positioned at the current rating level, negative rating actions could result if operating performance falls significantly short of AM Best’s expectations, if there is considerable deterioration in risk-adjusted capitalization, or if AM Best determines that the strategic importance of the group no longer warrants rating enhancement.
The FSR of A++ (Superior) and the Long-Term ICR of “aa+” have been affirmed with a stable outlook for
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This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in
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Source: AM Best
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