AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of
The ratings reflect Bremen’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 (ERM).
The ratings upgrade reflects the sustained improvement in Bremen’s balance sheet strength, which is supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The favorable balance sheet strength trends are the result of strong policyholder surplus appreciation that has outpaced net premiums written growth over the past five-year period. Additionally, the development of surplus appreciation has led to continually declining underwriting leverage measures. Bremen’s improved policyholder surplus trend is the result of consistently favorable operating performance. AM Best expects that profitability will continue to increase the company’s surplus base.
The ratings also reflect Bremen’s adequate operating performance, which is supported by sound underwriting practices and a conservative investment strategy. The company’s business profile is limited, driven by its concentration of property exposures in
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Source: AM Best