OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” to Starr Specialty Insurance Company (Starr Specialty) (a Texas corporation) (Dallas, TX). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect the execution of an inter-company pooling agreement under which Starr Specialty will cede 100% of its business to its parent, Starr Indemnity & Liability Company (Starr Indemnity), currently rated an FSR of A (Excellent) and a Long-Term ICR of “a”, with a stable outlook by A.M. Best. Starr Indemnity is an indirect wholly owned subsidiary of Starr International Company, Inc., a private investment holding company.
Starr Specialty is a Texas-domiciled property/casualty insurance company, licensed on February 17, 2017. Starr Specialty has either received a license, or has applied or plans to apply for license expansions in all 50 states, and Washington D.C. and Puerto Rico. The company intends on being licensed generally for the same lines of business as its direct parent, Starr Indemnity, with an initial focus on workers’ compensation. Starr Specialty’s business is expected to primarily consist of policies previously issued by Starr Indemnity, to provide additional rate and rating plan flexibility.
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