A.M. Best Assigns Ratings to Park Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has assigned a financial strength rating of B+ (Good) and an issuer credit rating of "bbb-" to Park Insurance Company (Park) (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY). The outlook assigned to both ratings is stable. The ratings are based on Park's good capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. , a management team with strong niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. expertise and solid working relationships with its agents and accounts. Partially offsetting these positive rating factors are the limited geographic scope and operating volatility associated with the ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of the company. Park is writing a consistent book of business and is familiar with the accounts it writes. Park provides commercial auto and general liability coverage on a per occurrence basis to accounts involved in the ready mix concrete business. Park has a solid risk management program in place, in which drivers must meet strict requirements, including drug testing and Department of Motor Vehicle (DMV DMV abbr. Department of Motor Vehicles ) record checks. As a component of the risk management program, Park requires each vehicle to be inspected and meet strict criteria prior to accepting the account. The drivers are considered professionals and remain with the ready mix concrete related companies for the long term, thus, resulting in low turnover rates. Park has implemented the required technology platform, enabling it to quote, bind and issue policies. A.M. Best remains the leading rating agency of captive insurers rating a wide variety of more than 200 captives in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and throughout the world. For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion