OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” to JM Specialty Insurance Company (JMSI) (Neenah, WI). The outlook assigned to these Credit Ratings (ratings) is stable.
These ratings recognize the implementation of a 100% quota share reinsurance agreement between JMSI and its lead company, Jewelers Mutual Insurance Company (JMIC). JMSI is a wholly-owned subsidiary of JM Holdings, Inc., which is wholly-owned by JMIC. Collectively, these companies are known as Jewelers Mutual Group (the group). The ratings reflect the group’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
The group offers risk management and insurance solutions to the jewelry industry in the United States and Canada. Coverage is provided to individuals as well as commercial businesses by way of retailers, repair shops, custom jewelry designers, appraisers, wholesalers and manufacturers. JMSI was formed to expand the insurance product offerings and associated operational capabilities of the group. In addition to providing substantial reinsurance support to JMSI, JMIC will provide the company with ERM direction and administrative and managerial support.
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