A.M. Best Affirms Ratings of United America Indemnity, Ltd. Insurance Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength ratings (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) and issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a" of United National Group (United National) (Bala Cynwyd, PA) and Penn-America Group, Inc. (Penn-America) (Hatboro, PA) and their property/casualty insurance subsidiaries. Both Penn-America and United National are subsidiaries of the publicly traded parent holding company, United America Indemnity, Ltd. (UAI UAI Unprotected Anal Intercourse UAI University Admissions Index (NSW/ACT, index needed by HS Graduating students in order to enter university) UAI Union Académique Internationale UAI Use As Is UAI Universal Armament Interface ) (Georgetown, Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. ) [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : INDM INDM Instant Nonfat Dry Milk ]. Concurrently, A.M. Best has affirmed the ICR of "bbb" of UAI. The FSR of A (Excellent) and ICR of "a" of UAI's affiliated reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , Wind River Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Co. Ltd. (Wind River Reinsurance) (Hamilton, Bermuda), remains unchanged. The outlook for all ratings is stable. These rating decisions take into account the recently announced appointment of Larry A. Frakes, to the newly created position of President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of UAI. United National's ratings reflect its strong operating results, solid risk-adjusted capitalization and well-established presence within the surplus lines and specialty admitted markets. Somewhat offsetting these positive rating factors is United National's above average ceded underwriting leverage and the constraints on capital appreciation from annual dividends utilized to fund UAI's debt obligations. Although, United National's ceded leverage gross of collateral held has historically been elevated relative to the surplus lines composite, factoring in collateral from affiliated and unaffiliated reinsurers, ceded leverage is in line with the composite average. United National's leadership position and underwriting expertise within the specialty admitted and non-admitted markets has allowed it to consistently generate favorable operating results. Penn-America's ratings recognize its strong capitalization, excellent operating performance and solid market profile. These positive rating factors are slightly tempered by the adverse loss reserve development on older accident year's reserves; however, reserve development has been favorable for the most recent accident years. Penn-America's disciplined focus on small surplus lines risks somewhat insulates it from the greater degree of market competition on middle market and large account surplus lines business. UAI operates predominantly in the U.S. excess and surplus lines market distributing property/casualty products through three distinct business units: (1) the small business unit, (2) the program business unit and (3) the specialty wholesale unit. UAI also provides third party treaty and facultative reinsurance for writers of surplus lines and specialty property/casualty insurance through its affiliate Wind River Reinsurance. The FSR of A (Excellent) and ICRs of "a" have been affirmed for United National Group and its following members: * Diamond State Insurance Company * United National Insurance Company * United National Specialty Insurance Company * United National Casualty Insurance Company The FSR of A (Excellent) and ICRs of "a" have been affirmed for Penn-America Group, Inc. and its following members: * Penn-America Insurance Company * Penn-Star Insurance Company * Penn-Patriot Insurance Company The ICR of "bbb" has been affirmed for United America Indemnity, Ltd. The FSR of A (Excellent) and ICR of "a" of Wind River Reinsurance Co. Ltd remains unchanged. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion