OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with developing implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Blackboard Specialty Insurance Company (BSIC) (formerly known as Hamilton Specialty Insurance Company) and Blackboard Insurance Company (BIC) (formerly known as Hamilton Insurance Company). BSIC and BIC are domiciled in Wilmington, DE. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of the members of the AIG Property Casualty US Insurance Group (AIG PC US) have been extended to BSIC and BIC due to the significant level of reinsurance support provided to BSIC and BIC by National Union Fire Insurance Company of Pittsburgh, Pa., the lead member of the group. This position is further enhanced by the companies’ support of AIG PC US’s business strategy with a focus on the nonadmitted and admitted middle market commercial insurance space.
The ratings of BSIC and BIC reflect the balance sheet strength of the members of AIG PC US, which A.M. Best categorizes as strongest, as well as the group members’ marginal operating performance, favorable business profile and appropriate enterprise risk management.
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