OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb” of Greenville Casualty Insurance Company (Greenville Casualty) (Greer, SC). The outlook of the FSR remains stable.
The Credit Ratings (ratings) reflect Greenville Casualty’s balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The positive outlook for the Long-Term ICR reflects Greenville Casualty’s strengthened risk-adjusted capitalization, reduced underwriting leverage and increased liquidity measures over the most recent five-year period, driven by solid growth in policyholders’ surplus and reduced premium writings. The growth in policyholders’ surplus was attributable to improved underwriting and operating performance, and senior management’s operating experience and in-depth knowledge of the North Carolina and South Carolina private passenger non-standard automobile market. Furthermore, Greenville Casualty has implemented new underwriting tools and rate adjustments in recent years, which have improved underwriting results and operating performance substantially.
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