A.M. Best has affirmed the financial strength rating of “A- (Excellent)” and the issuer credit rating of “a-” of Attorneys Insurance Mutual of the South RRG (AIM). The outlook for both ratings is negative.
Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in the interactive rating process.
The RRG’s withdrawn ratings reflected its excellent risk adjusted capitalisation, low underwriting leverage and conservative operating strategy.
The ratings also considered AIM’s position in providing lawyers’ professional liability insurance primarily to sole practitioners and smaller sized law firms in Alabama.
“[The] positive rating factors are partially offset by AIM’s deterioration in underwriting and operating results, which began in 2008, as well as the product and geographic concentration of risk. The company’s concentration of risk increases its susceptibility to adverse economic, regulatory or legislative changes,” said A.M. Best in a release.
