OLDWICK, N.J.--(BUSINESS WIRE)--Please replace the release dated February 28, 2018 due to multiple changes to the third paragraph.
The corrected release reads:
A.M. BEST REVISES OUTLOOKS TO STABLE FOR ALLIED PROFESSIONALS INSURANCE COMPANY, A RISK RETENTION GROUP, INC.
A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Allied Professionals Insurance Company, A Risk Retention Group, Inc. (APIC) (Phoenix, AZ).
The Credit Ratings (ratings) reflect APIC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The revised outlooks are based on APIC’s improved operating and underwriting results, which reflect a reduction in adverse loss reserve development and a decline in severity within APIC’s chiropractic book. In addition, the ratings also consider APIC’s reduced exposure to the chiropractic specialty which, in recent years, has been subject to higher claim frequency and severity, culminating in weaker than expected underwriting results from 2014 through 2016. Prospectively, APIC’s book of business will be more heavily concentrated in the acupuncture and massage therapy specialties, which have historically generated much more favorable loss experience. As a result, A.M. Best expects operating and underwriting performance to continue to improve over the near term, hence the revised outlook.
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.
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