A.M. Best has affirmed the financial strength rating of “A- (Excellent)” and issuer credit rating of “a-” of Prism Assurance, the captive insurance company of Apogee Enterprises.
The ratings reflect Prism’s strong capitalisation and solid operating performance. Partially offsetting the company’s positive ratings is Prism’s retained insurance limits and its restricted market profile as a single parent captive.
“A.M. Best could upgrade Prism’s ratings and/or revise its outlook if there is significant improvement in its underwriting performance and capital or a reduction in its overall net exposure.”
“A.M. Best could downgrade the ratings and/or revise the outlook if the company’s Best Capital Adequacy Ratio (BCAR) declines, operating performance deteriorates or if the insured losses deplete capital,” said a statement from the ratings firm.
