OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Frank Winston Crum Insurance Company (FWCI) (Clearwater, FL).
These Credit Ratings (ratings) reflect FWCI’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The revision in the outlooks reflects FWCI’s improved underwriting performance over the last two years and steps being taken by management to further support premium growth that has more than doubled FWCI’s book of gross premiums written over the last four years. In addition to 65% quota share treaties that currently apply to two of FWCI’s higher growth operating segments, management plans to divert part of the general liability gross book of business to non-affiliated carriers beginning in the fourth quarter of 2018. This annually adjusted participation in the general liability book will not be apparent in FWCI’s financial statement and A.M. Best expects that it will reduce FWCI’s annual overall gross premiums written growth to moderate levels in 2018 and future years.
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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