RetailFirst Insurance Group's Insurers Earn A- (Excellent) Ratings from A.M. Best

RetailFirst Insurance Group’s Insurers Earn A- (Excellent) Ratings from A.M. Best

PR Newswire

LAKELAND, Fla., Oct. 29, 2018 /PRNewswire/ -- RetailFirst Insurance Company and BusinessFirst Insurance Company have received a financial strength rating of A- (Excellent) from A.M. Best, upgraded from B++ (Good). The outlook of these ratings has been revised from positive to stable. A.M. Best is the world's oldest and most authoritative insurance rating and information source.

The rating is based on the consolidated financial results of Retail First and BusinessFirst, which make up RetailFirst Insurance Group. During 2017, the Group reported more than $135 million in combined direct written premium, and as of September 30, 2018, the Group had more than $370 million in total admitted assets and more than $184 million of policyholder surplus.

According to A.M. Best, "The group's ratings continue to be supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR) and conservative reserving practices." The A- (Excellent) rating is assigned to companies that have "an excellent ability to meet their ongoing insurance obligations."

Thomas S. Petcoff, president of the companies, notes, "We are pleased with this upgrade from A.M. Best. Our history of outstanding performance is the result of our disciplined management approach. Our companies only write workers' compensation insurance, and independent agents can count on us to offer competitive products backed by the financial stability of the RetailFirst Insurance Group."

Together RetailFirst and BusinessFirst insure more than 13,000 businesses throughout Florida, Georgia, Indiana, Kentucky, North Carolina, South Carolina and Tennessee. The day-to-day operations of both companies are managed by Summit^®, the people who know workers' comp^®, a managing general agent with more than 40 years of experience in workers' compensation.