OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” of Bunker Hill Insurance Company and Bunker Hill Insurance Casualty Company. The outlook of the FSR remains stable.
Concurrently, A.M. Best has assigned the FSR of B++ (Good) and the Long-Term ICR of “bbb” to Bunker Hill Preferred Insurance Company (Bunker Hill Preferred), Bunker Hill Property Insurance Company (Bunker Hill Property) and Bunker Hill Security Insurance Company (Bunker Hill Security). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive. These companies are operating subsidiaries of their parent holding company, The Plymouth Rock Company, Incorporated, and collectively referred to as Bunker Hill Insurance Group (Bunker Hill). All companies are headquartered in Boston, MA.
Furthermore, A.M. Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of Plymouth Rock Assurance Corporation, Mt. Washington Assurance Corporation and Pilgrim Insurance Company, which are members of Plymouth Rock Assurance Group (Plymouth Rock) (Boston, MA). The outlook of these Credit Ratings (ratings) is stable.
The revised Long-Term ICR outlook for Bunker Hill reflects its improved underwriting and operating performance in recent years, which improved risk-adjusted capitalization. The core books of business have shown improvement in performance as a result of underwriting discipline and rate actions.
The rating affirmations reflect each group’s solid risk-adjusted capitalization, as well as management’s extensive experience and expertise in the Massachusetts, Connecticut and New Hampshire automobile and homeowners’ insurance markets. The groups utilize several innovative distribution methods to produce business and maintain market share in the competitive and challenging Massachusetts insurance market. Conversely, as predominantly single state writers, Plymouth Rock and Bunker Hill members remain susceptible to severe localized weather and to economic, judicial and regulatory issues.
The rating assignments for Bunker Hill Preferred, Bunker Hill Property and Bunker Hill Security follow their inception in November 2016 and inclusion in the intercompany pooling agreement with Bunker Hill Insurance Company and Bunker Hill Insurance Casualty Company, which together now comprise Bunker Hill.
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