PRIMERICA INSURANCE SUBSIDIARY UPGRADED BY A.M. BEST GULF INSURANCE RATING RAISED TO A+; FINANCIAL STRENGTH UPGRADED TO "SUPERIOR"
PRIMERICA INSURANCE SUBSIDIARY UPGRADED BY A.M. BEST GULF INSURANCE RATING RAISED TO A+; FINANCIAL STRENGTH UPGRADED TO "SUPERIOR" NEW YORK, June 30 /PRNewswire/ -- Gulf Insurance Group, the Dallas- based property casualty subsidiary of Primerica Corporation (NYSE:PA), has been assigned a 1992 rating of A+ (Superior) by A.M. Best, an upgrade from the company's previous A (Excellent) rating. In announcing the upgrade, A.M. Best noted that Gulf had continued to produce strong operating results. The rating company also noted that to date in 1992, management has taken a number of steps that further strengthened Gulf and reduced leverage. Management plans to continue building the subsidiary's capital base. At the end of the first quarter of 1992, the Gulf Group had $153 million of statutory surplus. "We are extremely pleased with our upgrade," said John Fowler, chairman and chief executive officer of Gulf. "Our focus on disciplined underwriting, the growth of our specialty business and the strength of our investment portfolio are reflected in our financial results and have clearly been recognized by A.M. Best." Gulf Insurance Group had approximately $600 million in assets at the end of March, 1992, and operates a regional agency business and a national specialty brokerage business, including directors & officers, professional liability, fidelity and entertainment industry coverages. In the past five years, gross written premiums for specialty coverages have increased from $37 million in 1987, or 17 percent of total writings, to $208 million, or 58 percent of the total, in 1991. Net earned premiums from specialty lines have increased fivefold since 1987 and now represent 42 percent of Gulf's business. Primerica Corporation is a diversified financial services company principally engaged in investment banking and securities brokerage, mutual funds and asset management, consumer lending, life, credit and accident & health, as well as property/casualty insurance. As of March 31, 1992, Primerica had assets of approximately $21 billion and book value of $31.63 per share. -0- 6/30/92 /CONTACT: Mary McDermott, 212-891-8870, or Avery Hunt, 212-891-8871, both of Primerica/ (PA) CO: Gulf Insurance Group; Primerica Corporation ST: New York IN: INS SU: RTG
AH -- NY084 -- 5336 06/30/92 16:42 EDT
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|Date:||Jun 30, 1992|
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