OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Prism Assurance, Ltd. (Prism) (Burlington, VT). The outlook for both ratings is stable.
The ratings reflect Prism’s strong capitalization and solid operating performance. Also supporting the ratings is Prism’s strategic role as the captive insurance company of Apogee Enterprises, Inc. (Apogee), and the substantial financial flexibility available to Prism as part of Apogee. The company further benefits from its low overhead cost structure and extensive loss control programs, which have resulted in a decrease in claim frequency and loss expenses across Apogee’s business units.
Partially offsetting these positive rating factors are Prism’s relatively large retained insurance limits and its limited market profile as a single parent captive. Nonetheless, the ratings recognize the company’s balance sheet strength and conservative underwriting leverage measures.
A.M. Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.
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