OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Transverse Specialty Insurance Company (Wilmington, DE), Transverse Insurance Company (Dallas, TX) and TRM Specialty Insurance Company (Indianapolis, IN). These companies are collectively referred to as Transverse Insurance Group (Transverse). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Transverse’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.
The rating upgrades reflect the role Transverse will have going forward following its Jan. 3, 2023 acquisition by Mitsui Sumitomo Insurance Company, Ltd. (MSI). The rating action also considers the level of integration between Transverse and MSI and various agreements in place between the companies.
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