AM Best Revises Outlooks to Stable for Trisura Group Ltd. Members; Comments on First Founders Assurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of the operating entities of Trisura Group Ltd. (Trisura) [TSX:TSU] (Toronto, Ontario, Canada), which include Trisura Specialty Insurance Company (TSIC), Trisura Insurance Company (TIC), Bricktown Specialty Insurance Company (BSIC) and Trisura Guarantee Insurance Company (TGIC). TSIC, TIC, and BSIC are domiciled in Oklahoma City, OK, while TGIC is domiciled in Toronto, Ontario, Canada.

The Credit Ratings (ratings) reflect Trisura’s overall balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The revision of the outlooks to stable from negative reflects improved ERM practices, policies and procedures around Trisura’s risk management of U.S. captive reinsurance contracts. As a result, Trisura has renewed all its ongoing programs successfully and reduced its overall captive exposure. These changes have been effective and are reflected in the company’s improving operating performance.

Concurrently, AM Best has commented that the ratings of First Founders Assurance Company (FFAC) (Chester, NJ) remain unchanged following the March 26, 2024, announcement that Trisura has closed on the acquisition of FFAC. The acquisition rounds out Trisura’s business profile as FFAC is a treasury licensed surety provider. FFAC is licensed currently in New Jersey and New York but will expand licensing to all 50 states and the District of Columbia.

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.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Michael Buckley
Financial Analyst

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Christopher Sharkey
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Rosemarie Mirabella
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Al Slavin
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Source: AM Best