OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Crusader Insurance Company (Crusader). Additionally, A.M. Best has affirmed the Long-Term ICR of “bbb-” of Crusader’s parent company, Unico American Corporation (Unico)(NASDAQ:UNAM). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Calabasas, CA.
The ratings reflect Crusader’s excellent level of risk-adjusted capitalization, consistently profitable operating performance and regional market presence in California. Furthermore, Crusader’s publicly traded parent, Unico, affords Crusader financial flexibility.
Offsetting these strengths are a limited business profile and concentration of risk in California, which at times has subjected Crusader to competitive market pressures and a challenging regulatory landscape. In addition, surplus is exposed to losses from fire in the event of an earthquake; however, Crusader’s reinsurance program reduces its net exposure to a manageable level.
This press release relates to Credit Ratings 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 see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
