A.M. Best Upgrades Ratings of Carolina Casualty Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating to A+ (Superior) from A (Excellent) and issuer credit rating to "aa-" from "a" of Carolina Casualty Insurance Company (Carolina Casualty) (Urbandale, IA). The outlook for both ratings is stable. These rating actions reflect the explicit support provided by an affiliate, Admiral Insurance Set up in 1993, Admiral, part of the Admiral Group, is a car insurance specialist mainly targeting those who traditionally pay higher than average premiums, including drivers under 35 and those living in big cities and in Scotland. Company (Admiral) (Wilmington, DE), in the form of a 100% quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). 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. agreement. Both Carolina Casualty and Admiral are ultimately owned by W. R. Berkley W.R. Berkley NYSE: BER is a Fortune 500 company founded in 1967, and based in Greenwich, Connecticut. It is one of the nation’s premier commercial lines property casualty insurance providers. Corporation (headquartered in Greenwich, CT) (NYSE NYSE See: New York Stock Exchange : WRB). For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. 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. |
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