AM Best Assigns Issue Credit Rating to Victor Insurance Exchange’s Surplus Notes

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the $102.5 million, 6% surplus notes, due June 2038, issued by Victor Insurance Exchange (Wilmington, DE). The outlook assigned to this Credit Rating (rating) is stable.

As a start-up organization in 2023, the exchange utilized the surplus notes provided by its financial sponsor, Gallatin Point Capital, as its initial capitalization. Over the first five years of operation, capital is expected to increase largely driven by member subscription fees based on the business plan.

Victor Insurance Exchange is a reciprocal insurance exchange domiciled in Delaware, which is owned by the policyholders (subscribers) and is managed by Victor’s attorney-in-fact. The attorney-in-fact is owned jointly by the financial sponsor, Gallatin Point Capital, and the strategic sponsor, Marsh McLennan Companies’ managing general underwriter operations, Victor Holdings. The exchange provides coverage to small commercial and coastal residents, including fire, water leakage, hail and straight-line wind as well as earthquake coverage.

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