OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Credit Rating of “a-” of Prism Assurance, Ltd. (Prism) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Prism’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Additionally, the ratings support Prism’s strategic role as a captive insurance company of Apogee Enterprises, Inc. (Apogee), and the parental support and financial flexibility available to Prism as a part of Apogee. Prism further benefits from its low overhead cost structure and extensive loss control programs, which have decreased claims frequency and severity across Apogee business units.
An offsetting rating factor is Prism’s degree of dependence on Apogee as a captive insurer, which results in a concentrated focus on products and geographic distribution. Despite this, Prism’s ratings are supported by its balance sheet strength and consistent operating performance.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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