Core Specialty Confirms Assignment of A- (Excellent) Financial Strength Ratings by AM Best to Subsidiaries StarStone Specialty Insurance Company and StarStone National Insurance Company
The full text of the AM Best release appears below.
AM Best Removes from Under Review with Developing Implications and Affirms Credit Ratings of
The ratings reflect Core Specialty's balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The removal from under review status follows the execution of the sale of Core Specialty to its new ultimate parent company,
The affirmation of the ratings reflects Core Specialty's recent recapitalization and revised business plan. The group has brought on new executive management, namely at the CEO and Executive Chairman positions, to expand into new lines of business. Additionally, part of the recapitalization included removing the legacy reserve liabilities from the group's balance sheet. As a result, the group benefits from a lack of legacy reserves, while still maintaining various seasoned business lines. However, the group's expansion into new property lines, as well as adding new management, brings some level of execution risk, which AM Best will monitor in the near- to mid-term.
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 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, news publisher and data analytics provider specializing in the insurance industry. Headquartered in
About Core Specialty
Core Specialty offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From its underwriting offices spanning the
Contact:
+1 646 818 9244
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