AM Best Affirms Credit Ratings of Core Specialty Insurance Holdings, Inc.’s Members

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of Core Specialty Insurance Holdings, Inc. (Core Specialty). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Standard Life and Accident Insurance Company (SLAICO) (League City, TX), an affiliate of Core Specialty. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

The ratings of Core Specialty reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The rating affirmations reflect Core Specialty’s stable operating performance trends in recent years, driven by the group’s improved diversification and scale since its recapitalization. The group has demonstrated opportunistic flexibility and willingness to acquire various blocks of external business in recent years, which has resulted in further deployment of capital. While balance sheet strength metrics remain supportive of the current assessment, AM Best will continue to monitor the group’s capitalization relative to growth and profitability trends.

The ratings of SLAICO reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.

SLAICO is anticipated to maintain very low levels of total risk overall. This will support Core Specialty’s medical stop loss division although most of the business will be heavily reinsured. AM Best will continue to monitor SLAICO going forward, as it supports the greater Core Specialty strategy.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with stable outlooks for the members of Core Specialty Insurance Holdings, Inc.:

• American Surety Company
• Lancer Insurance Company
• Lancer Insurance Company of New Jersey
• StarStone National Insurance Company
• StarStone Specialty Insurance Company

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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