OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to Cerity Insurance Company (Cerity) (formerly licensed as PartnerRe Insurance Company of New York). The outlook assigned to these Credit Ratings (ratings) are positive. Concurrently, AM Best has withdrawn the FSR of A- (Excellent) and the Long-Term ICR of “a-” of PartnerRe Insurance Company of New York (New York, NY). At the time of the withdrawal, these ratings were under review with developing implications. Cerity is a newly added member of Employers Insurance Group (Employers) and a wholly owned subsidiary of Employers Holdings, Inc. (EHI) (Reno, NV) [NYSE:EIG], the publicly traded ultimate parent.
The ratings of Cerity reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings of Employers are being extended to Cerity given the explicit support provided through a pooling arrangement. The operations of Cerity are fully integrated with the other pooled members of the group.
Cerity is a digital, direct-to-customer company providing workers compensation insurance to certain classes of small businesses.
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 credit rating agency and information provider with an exclusive 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.