OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of New York Marine and General Insurance Company and its wholly-owned subsidiaries, Gotham Insurance Company and Southwest Marine and General Insurance Company, collectively referred to as Coaction Specialty Insurance Group (Coaction). Concurrently, AM Best has revised the outlook to positive from stable and affirmed the Long-Term ICR of “bbb-” (Good) of Coaction Global, Inc. (Coaction Global). All companies are headquartered in Morristown, NJ.
These Credit Rating (ratings) reflect Coaction’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The revision in the outlooks to positive from stable reflects AM Best’s expectation that Coaction’s balance sheet strength will be supported by continued internal capital generation and stabilization in its loss reserves following reserve strengthening in prior years and the protection afforded by adverse development and loss portfolio transfer covers. The group is expected to maintain its position in core markets and demonstrate adequate operating performance in the intermediate term.
Recent organic surplus growth, together with an $80 million capital contribution from the parent company, Coaction Global, in the third quarter of 2025, has led to improved risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). In addition, moderated premium growth in 2025 contributed to lower underwriting leverage and an improved BCAR. While the capital contribution was funded with additional debt at Coaction Global under its revolving credit facility, which caused an uptick in holding company debt leverage, this metric remains within AM Best guidelines. Favorable operating performance, attributed to continued underwriting discipline, careful risk selection, expense controls and increased net investment income, drove the organic surplus growth.
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.
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