AM Best Revises Outlooks to Negative for Western Pacific Mutual Insurance Company, A Risk Retention Group
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of
The ratings reflect WPMIC’s balance sheet strength, which AM Best assesses as strongest, its adequate operating performance, limited business profile and appropriate enterprise risk management.
The revised outlooks are due to recent volatility in WPMIC’s underwriting performance. This volatility is attributed to growth in the company’s deductible builder program, which has led to an increase in claims activity in its warranty business. Timing issues related to reimbursements for those deductibles from the builders in the deductible program have led to net losses in each of the past two years. However, despite this recent volatility, WPMIC continues to maintain supportive risk-adjusted capitalization for its current book of business.
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 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
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20211028005910r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />
View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005910/en/
Financial Analyst
+1 908 439 2200, ext. 5725
robert.gabriel@ambest.com
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
Source: AM Best
Ossoff, Warnock continue push for Georgia Medicaid expansion
Athene is the Lead Investor in the Combination of Wheels and Donlen
Advisor News
- CT governor’s candidates claims: What’s true, and what’s misleading
- Retaining clients by giving them a memorable experience
- Addressing the longevity paradox
- Employers shift focus from retirement access to financial outcomes
- Helping widowed clients navigate their new financial reality
More Advisor NewsAnnuity News
- National Life Group expands annuity portfolio
- AM Best to Join Life/Annuity Insurance-Focused Panel Discussion at Capitol Forum Event
- USAA Earns No. 1 Ranking in JD Power Individual Annuity Study for the Third Consecutive Year
- How flexible annuities fit today’s retirement portfolios
- Foresters Financial appoints Tom Ross as chief distribution officer for U.S. annuity sales
More Annuity NewsHealth/Employee Benefits News
- The percentage of people without health insurance is growing
- MORE THAN 4 MILLION MEDICARE BENEFICIARIES WILL HAVE THEIR MEDICARE ADVANTAGE OR STAND-ALONE PRESCRIPTION DRUG PLAN TERMINATED AT THE END OF 2026
- Plans with cheaper premiums are risky business for Americans seeking lower healthcare costs
- Plans with cheaper premiums are risky business for Americans seeking lower healthcare costs
- ATTORNEY GENERAL BRENNA BIRD HOLDS LAST MEDICAID FRAUD ELIMINATION TASK FORCE MEETING, MAKES RECOMMENDATIONS TO GOVERNOR
More Health/Employee Benefits NewsLife Insurance News