OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of First Indemnity Insurance Agency, Inc. (First Indemnity) (Boston, MA). The outlook of the assessment is stable.
The assessment reflects First Indemnity’s strong underwriting capabilities, strong governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.
First Indemnity is licensed as an agent for select complementary coverage or direct for chosen classes of risk. As a managing general agent (MGA), First Indemnity offers professional liability products through four active programs: Lawyers Professional Liability, Lawyers Excess Professional Liability, Accountants Professional Liability, and Miscellaneous Professional Liability. Underwriting capability is supported by the company’s long-standing presence and expertise in the legal professional liability sector underpinned through carrier relationships and risk selection. Despite participation in additional programs, earnings are meaningfully concentrated in a core line, which tempers the assessment.
AM Best considers First Indemnity’s governance and internal controls strong given the integration of core systems and interfaces with carrier partners supporting efficient and accurate processing fostering alignment of interest between carrier and MGA. The company implements clear operational policies and procedures, including formal business continuity and disaster recovery frameworks mitigating business disruption risk.
Financial condition is supported by First Indemnity’s capital efficient model and backed by sustainable sources of income and disciplined expense management contributing to overall profitability. However, overall scale and limited expansion plans remain a moderating factor.
AM Best assesses First Indemnity’s organizational talent as strong, marked by extensive industry experience across executive leadership. First Indemnity’s organizational structure reflects a compact structure with clear and direct reporting and operational responsibilities leading to low employee turnover.
First Indemnity’s depth and breadth of relationships is considered strong. The company has demonstrated the ability to onboard and sustain relationships with reputably capacity providers. While business is diversified geographically, providing coverage to all 50 states, concentration in a singular program is viewed as a limiting factor.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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