AM Best Affirms Credit Ratings of Philadelphia Insurance Companies’ Members

OLDWICK, N.J.--()--AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of Philadelphia Indemnity Insurance Company and its affiliate, Tokio Marine Specialty Insurance Company (both headquartered in Bala Cynwyd, PA), which operate under a pooling agreement, collectively referred to as Philadelphia Insurance Companies (Philadelphia). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Philadelphia’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, favorable business profile and very strong enterprise risk management (ERM).

The group’s risk-adjusted capital position is at the strongest level, and has benefited from consistent operating profitability that compares favorably with peer companies and the industry over multiple time periods and insurance market cycles. Retained earnings and expansion of the invested asset base provide depth and breadth in its balance sheet. The ratings also recognize the group’s position as a well-established market leader in specialty markets and exceptional diversification by jurisdiction, product lines, market segments and distribution channels. The ratings also consider the operational, financial and ERM support provided by Tokio Marine & Nichido Fire Insurance Co., Ltd., which is the lead insurance operating company in the Tokio Marine Holdings, Inc. organization. These factors include day-to-day operational synergies across its U.S.-based subsidiaries, reinsurance support and economic capital modeling that is superior to peer companies.

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 Guide to 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, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Edin Imsirovic
Associate Director
+1 908 439 2200, ext. 5740
edin.imsirovic@ambest.com

Christopher Sharkey

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

Greg Williams

Senior Director
+1 908 439 2200, ext. 5815
greg.williams@ambest.com

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

Contacts

Edin Imsirovic
Associate Director
+1 908 439 2200, ext. 5740
edin.imsirovic@ambest.com

Christopher Sharkey

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

Greg Williams

Senior Director
+1 908 439 2200, ext. 5815
greg.williams@ambest.com

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