AM Best Revises Outlooks to Positive for Louisiana Workers’ Compensation Corporation; Affirms Credit Ratings of Prescient National Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long--Term ICR) of “a+” (Excellent) of Louisiana Workers’ Compensation Corporation (LWCC) (Baton Rouge, LA). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Prescient National Insurance Company (Prescient National) (Charlotte, NC). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect LWCC’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

The revision of LWCC’s outlooks to positive reflects its dominant market position in Louisiana’s workers’ compensation (WC) segment, which is demonstrated by an average market share of 28% over the last five years. While maintaining this market position, LWCC has continued to generate consistent surplus gains and underwriting profits, which compare favorably to AM Best’s WC composite.

The positive outlooks consider AM Best’s expectation that LWCC will continue to demonstrate its integral nature to Louisiana’s WC market while maintaining risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and with underwriting results that compare favorably to the WC composite. Furthermore, the recent acquisition of Prescient National expands LWCC's geographic diversification, while improving its overall risk posture.

The ratings of Prescient National reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate ERM.

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.

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