AM Best Upgrades Credit Ratings of Frank Winston Crum Insurance Company

OLDWICK, N.J.--()--AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” from “bbb-” of Frank Winston Crum Insurance Company (FWCI) (Clearwater, FL). The outlook of these Credit Ratings (ratings) remains stable.

The ratings reflect FWCI’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades reflect the trend of balance sheet strengthening for the company. FWCI’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has increased materially in recent years based on solid operating returns and capital contributions from its parent company to support its growing book of business.

FWCI’s operating profitability, owing to disciplined underwriting and loss control initiatives, is demonstrated by the company’s 10-year average combined ratio of 95.8%, which compares favorably with the industry and commercial casualty composite averages. The company’s limited business profile reflects its product concentration, primarily as a guaranteed cost workers’ compensation and general liability insurance company operating in multiple states, predominately in Florida. FWCI’s ERM program benefits from a comprehensive reinsurance program and incorporates controls to manage risk concentration in its framework.

This press release relates to Credit Ratings that have been published on AM 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 AM 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 AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Michael T. Venezia
Senior Financial Analyst
+1 908 439 2200, ext. 5034
michael.venezia@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Contacts

Michael T. Venezia
Senior Financial Analyst
+1 908 439 2200, ext. 5034
michael.venezia@ambest.com

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com