Kroll Bond Rating Agency Assigns Insurance Financial Strength Ratings to Conifer
The assigned ratings reflect the organization’s niche focus, experienced management team, sound capitalization, and flexible operating platform. Conifer underwrites specialty insurance products such as property, general liability, liquor liability, commercial automobile, and homeowners and dwelling policies to unique and potentially underserved market segments. The organization is licensed to write insurance on both an excess and surplus and an admitted basis, affording it flexibility in a variety of markets and pricing scenarios. Conifer’s seasoned management team brings extensive knowledge and longstanding relationships with experienced agents and underwriters, having successfully run
Tempering these strengths are Conifer’s elevated—albeit declining—expense ratio, recent reserve corrections, and unfavorable operating results. The company’s expense ratio is atypical of similarly sized and specialty-focused peers; however, KBRA notes this is largely due to the startup nature of operations, and that the expense ratio has been improving quarter over quarter since the fourth quarter of 2015. In 2016, Conifer significantly strengthened prior-year reserves and increased loss picks for the accident year in order to ensure adequate reserves at year end. The company experienced significant losses on non-core offerings such as
The ratings are based on KBRA’s Global Insurer & Insurance Holding Company Rating Methodology published on
To view the report, please click here.
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