A.M. Best has revised the outlook to stable from negative and affirmed the financial strength rating of “A- (Excellent)” and issuer credit rating of “a-” of the members of SPARTA Insurance Group.
SPARTA Group members include SPARTA Insurance Company, SPARTA American Insurance Company and SPARTA Specialty Insurance Company. All companies are headquartered in Hartford, Connecticut.
The revised outlook reflects the change in SPARTA’s management in 2012, as well as certain financial improvements made last year and in 2013, which are projected to be ongoing in the future.
A.M. Best also recognises that SPARTA has undertaken several measures to improve underwriting results. These include focusing on the alternative risk transfer (ART) sector, increasing rate levels across all lines of business and the elimination of unprofitable business.
“The ratings affirmations acknowledge SPARTA’s strong risk-adjusted capitalisation and market leadership position. SPARTA provides a broad range of unbundled niche ART and specialty programme business, including commercial auto liability, general liability and workers’ compensation, among other lines.”
“A.M. Best will continue to monitor SPARTA’s performance on a quarterly basis to ensure its ability to sustain its profit generation and build up its surplus in this operating environment,” said the ratings firm in a statement.
