AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Amherst National Insurance Company; Affirms Credit Ratings of Amherst Specialty Insurance Company

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Amherst National Insurance Company (ANIC) (Charlotte, NC), formerly known as Jet Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. At the same time, AM Best has affirmed the FSR of A- (Excellent) and Long-Term ICR of “a-” (Excellent) of Amherst Specialty Insurance Company (ASIC) (Dallas, TX). The outlook of these ratings is stable. Collectively, these companies are referred to as Amherst Specialty Insurance Group (Amherst).

ANIC was acquired by ASIC in December 2025 and joins the Amherst organization as a wholly owned subsidiary. The ratings reflect Amherst’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

ANIC provides property/casualty coverage in the admitted market, historically primarily operating in the surety bond segment. ASIC is a Texas-domiciled excess and surplus lines insurer and plans to utilize ANIC as part of its longer-term strategy to write policies directly in the admitted market. The two companies will enter a reinsurance arrangement in which ANIC will cede 100% of its ultimate net liability under all policies, with the exception of a portion of surety business, to ASIC. The portion of surety business that is not part of the reinsurance pooling agreement will be ceded externally to T-listed reinsurers.

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 Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.