A.M. Best Withdraws Credit Ratings of American Safety Risk Retention Group, Inc.

OLDWICK, N.J.--()--A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” of American Safety Risk Retention Group, Inc. (ASRRG) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The ratings reflect ASRRG’s balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management. Although loss experience in the company’s specialized niche has been generally favorable, the expense ratio is highly elevated despite cost reduction initiatives. ASRRG has limited premium growth as management was not successful in executing the business plan to build its core book of business and thus ASRRG is in run-off status.

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.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Janet Hernandez, +1 908-439-2200, ext. 5767
Senior Financial Analyst
janet.hernandez@ambest.com
or
Richard Attanasio, +1 908-439-2200, ext. 5432
Senior Director
richard.attanasio@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Janet Hernandez, +1 908-439-2200, ext. 5767
Senior Financial Analyst
janet.hernandez@ambest.com
or
Richard Attanasio, +1 908-439-2200, ext. 5432
Senior Director
richard.attanasio@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com