OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of @Home Insurance Company (formerly 21st Century Security Insurance Company) (Woodbridge, NJ). The outlook assigned to these Credit Ratings (ratings) is stable.
This rating action follows the close of High Point Preferred Insurance Company’s (HPPIC) acquisition of @Home Insurance Company in August 2018 and the recent successful execution of a quota share reinsurance agreement. The ratings of HPPIC have been extended to @Home Insurance Company due to the significant level of reinsurance support provided by HPPIC, the lead member of High Point Homeowners Group. The ratings of the other members of High Point Homeowners Group are not affected by the aforementioned rating action.
The ratings reflect @Home Insurance Company’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
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