OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of The Church Insurance Company (CIC) (New York, NY). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings in response to the company’s request to no longer participate in A.M. Best’s interactive rating process.
The ratings reflect CIC’s strong capitalization and A.M. Best's expectation that operations will continue to run-off adequately. The outlooks are reflective of the company’s solid capital position and expectations for continued profitable run-off of business.
CIC discontinued operations and issued its last policy in 2008, and as of Dec. 31, 2008, there were no policies in force. CIC’s business has shifted to two affiliated companies, The Church Insurance Company of Vermont and The Church Insurance Company of New York, which are captive options available to insureds associated with the Episcopal Church. Nearly all dioceses have since transitioned from CIC to the captive options to achieve a significant reduction in premium due to the captives having lower costs with regard to premium taxes, filing fees and state regulation.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Key insurance criteria reports utilized:
• Evaluating Non-Insurance Ultimate Parents
• Rating Run-Off Insurers and Specialists
• Risk Management and the Rating Process for Insurance Companies
• Understanding BCAR for Property/Casualty Insurers
This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.
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