OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb+” (Fair) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect SILAC’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.
The revised Long-Term ICR outlook to stable from negative reflects SILAC’s improvement in risk-adjusted capitalization, which is assessed at the strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). The company has had consistent operating performance, which has delivered positive results historically. The company has enhanced its overall capital position with the expectation it will remain well capitalized as it continues to grow premiums with the support of its reinsurance partners.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. 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.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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