News by sections

News by region
Issue archives
Archive section
Emerging talent
Emerging talent profiles
Domicile guidebook
Guidebook online
Search site
Features
Interviews
Domicile profiles
Generic business image for news article Image: Shutterstock

01 December 2016
Atlanta
Reporter Barney Dixon

ASRRG ratings downgraded

A.M. Best has downgraded the American Safety Risk Retention Group (ASRRG), but also revised its outlook upwards to ‘stable’.

ASRRG’s financial strength rating was dropped to ‘B+ Good’ from ‘B++ Good’, while its long-term issuer credit rating went from bbb’ to ‘bbb-’.

The downgrades are a result of a weak operating performance, declining surplus levels, limited business profile and management’s difficulty in successfully executing a business plan for its core business, according to A.M. Best.

The US ratings agency added that these factors were partially offsetting favorable risk-adjusted capitalisation, as well as a commitment by ASRRG’s management to provide insurance solutions to its members and policyholders who remain loyal to the program, which is shown in its high retention levels.

Error querying database