The Vermont-based captive of glass manufacturer Apogee Enterprises has had its financial strength and issuer credit ratings affirmed.
A.M. Best has affirmed the “A- (Excellent)” financial strength and “a-” issuer credit ratings of Prism Assurance, giving them stable outlooks.
The ratings reflect Prism’s strong capitalisation and solid operating performance, according to A.M. Best, acknowledging its strategic role as the captive insurance company of Apogee and the substantial financial flexibility that it enjoys as a result.
Prism also benefits from its low overhead cost structure and extensive loss control programmes, which have resulted in a decrease in claim frequency and loss expenses across Apogee’s business units.
Partially offsetting these positive rating factors are Prism’s relatively large retained insurance limits and its limited market profile as a single parent captive, according to A.M. Best.
