AM Best Upgrades Credit Ratings of First Indemnity of America Insurance Company

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of First Indemnity of America Insurance Company (FIA) (Morris Plains, NJ). The outlooks of these Credit Ratings (ratings) have been revised to stable from positive.

The ratings reflect FIA’s inclusion as a member of Palomar Holdings, Inc. (Palomar), which on a consolidated basis has a balance sheet strength that AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

FIA provides Palomar opportunities within the surety space, specifically within municipal construction. The ratings consider FIA’s inclusion in an affiliated, intercompany reinsurance treaty, which is expected to remain in force as presented to AM Best and within the set forth terms.

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.