AM Best Upgrades Issuer Credit Rating of Greenville Casualty Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bb” and affirmed the Financial Strength Rating (FSR) of B (Fair) of Greenville Casualty Insurance Company (Greenville Casualty) (Greer, SC). The outlook of the FSR has been revised to positive from stable while the outlook of the Long-Term ICR is positive.

These Credit Ratings (ratings) reflect Greenville Casualty’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

The upgrade of the Long-Term ICR reflects Greenville Casualty’s improved balance sheet strength, driven by increased risk-adjusted capitalization, reduced underwriting leverage and increased liquidity measures over the most recent five-year period, which were derived from solid growth in policyholders’ surplus and reduced premium writings.

The positive outlooks reflect Greenville Casualty’s improved operating performance in recent years, driven by management’s underwriting initiatives which have stabilized results. AM Best expects sustained improvement in operating performance metrics with moderate volatility over the near to medium term.

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.

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