OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Allied Professionals Insurance Company, A Risk Retention Group, Inc. (APIC) (Phoenix, AZ).
The Credit Ratings (ratings) reflect APIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
APIC’s operating performance has been improving over the most recent five-year period, as evidenced by a positive trend in operating metrics and solid history of profitability, despite some earlier years of problematic chiropractic exposures, which have been mitigated through appropriate ERM. APIC has outperformed the medical professional liability composite, as well as the insurance industry as a whole. As a result, profitability continues despite the company’s limited business profile, and APIC has been able to grow its surplus.
The positive outlooks reflect AM Best’s expectation that APIC will continue to post better-than-average operating results, which will contribute to the surplus growth needed to support its book of business, while maintaining an overall balance sheet strength assessment of very strong.
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