OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Illinois Casualty Company (Illinois Casualty ) (Rock Island, IL). The outlook for the Long-Term ICR has been revised to stable from positive while the outlook for the FSR remains stable.
Concurrently, A.M. Best has upgraded the Long-Term ICR to “bb+” from “bb” of ICC Holdings, Inc. (ICC) (Rock Island, IL) [NASDAQ: ICCH], the publicly traded holding company that owns 100% of Illinois Casualty. The outlook of this Credit Rating (rating) has been revised to stable from positive.
The ratings reflect Illinois Casualty’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 company’s capital position had been improving under the current management team but has been further enhanced by a capital contribution from ICC following its demutualization last year. The management team also continues to push initiatives to improve underwriting results and manage expenses while operating within Illinois Casualty’s niche that focuses on the food and beverage industry.
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