AM Best Upgrades Issuer Credit Rating of Pinnacle National Insurance Company

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) of Pinnacle National Insurance Company (Pinnacle National, formerly Alterra America Insurance Company) (Bedford, Texas). The outlook of these Credit Ratings (ratings) remains stable.

The rating actions reflect the recent transfer of ownership of Pinnacle National to State National Insurance Company, Inc. (SNIC), and its participation in a pooling agreement with other members of the State National Group, led by SNIC. The ratings of Pinnacle National reflect the group’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of the other members of the State National Group are unchanged by these actions.

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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.