OLDWICK, N.J.--(BUSINESS WIRE)--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 Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.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.
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