A.M. Best has assigned the financial strength rating of “B++ (Good)” and an issuer credit rating of “bbb+” to Philmont Insurance Company. The outlook assigned to both ratings is stable.
The ratings reflect Philmont’s strong captialisation and conservative operating strategy. The ratings also consider Philmont’s critical role and favourable profile as part of the Toll Brothers organisation.
“Partially offsetting these positive rating factors are Philmont’s relatively large reserves and its incurred but not reported reserves. Nevertheless, A.M. Best recognises the strong liquidity position of Philmont and the substantial financial resources of the Toll Brothers organisation,” said the rating firm in a statement.
A.M. Best expects Philmont’s future operating performance to be stable but strong, and the stable earnings profile should further support its growth and business writing, which is consistent with its capital and surplus position.
