AM Best Affirms Credit Ratings of Members of AmFirst Holdings, Inc.

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of AmFirst Insurance Company (AmFirst) (Oklahoma City, OK), AmFirst Life Insurance Company, I.I. (San Juan, Puerto Rico), New Providence Life Insurance Company (New Providence Life) (Nassau, Bahamas) and AmFirst Specialty Insurance Company (AmFirst Specialty) (Ridgeland, MS). These companies are members of AmFirst Holdings, Inc. The outlook of these Credit Ratings (ratings) is stable.

The ratings of the AmFirst Holdings, Inc. group reflect the members balance sheet strengths, which AM Best assesses as very strong, as well as their adequate operating performances, neutral business profiles and appropriate enterprise risk managements (ERM).

The rating affirmations of AmFirst Holdings, Inc.’s group reflects its’ very strong balance sheet strength assessment supported by its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and organic capital growth driven by continued favorable operating earnings. Balance sheet metrics remain favorable despite a moderately high allocation to non-traditional unrated investments. Liquidity measures are good with about one-third of invested assets held in cash and short-term investments and is supplemented by access to Federal Home Loan Bank borrowing. AmFirst Holdings, Inc.’s primary products include its group medical gap product (Premium Saver) and dental association business, which drive the majority

of premium revenues and net earnings. Earnings, although favorable, have shown some volatility over the last three years due to the impact of the COVID-19 pandemic, suppressing utilization for all health products, which increased earnings in 2020. Then utilization increased in both lines of business, suppressing earnings in 2021. Premium Saver results stabilized in 2022. Net earnings continue to be retained within the group to grow capital and support business development. AmFirst Holdings, Inc. has developed a Premium Saver product offering tailored for the individual market, which is anticipated to contribute to near-term premium revenue growth. AmFirst Holdings, Inc. also offers international medical, disability and life products primary in Latin America and the Caribbean. AmFirst Holdings Inc. benefits from its relationship with its primary affiliated broker, Morgan White Group, which has a wide distribution footprint both domestically and internationally. Additionally, AmFirst Holding Inc. leverages Morgan White Group’s ERM program, which is integrated into its daily operations as well as its strategic business planning.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.