Sign In  |  Register  |  About Corte Madera  |  Contact Us

Corte Madera, CA
September 01, 2020 10:27am
7-Day Forecast | Traffic
  • Search Hotels in Corte Madera

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

AM Best Revises Outlooks to Positive for Kentucky Associated General Contractors Self Insurers’ Fund

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 Kentucky Associated General Contractors Self Insurers’ Fund (KYAGC or the Fund) (Louisville, KY).

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

The revision of the outlooks to positive reflects KYAGC’s improved risk-adjusted capitalization and its overall balance sheet strength assessment over the most recent five-year period that was driven by the Fund’s prudent risk management strategies, which include strong underwriting guidelines and loss control measures. The strategies have contributed to sustained operating earnings that continue to outperform the workers’ compensation industry composite on a pre-dividend basis. Furthermore, the Fund’s investment portfolio has generated above average investment returns, which have supported organic surplus growth over the last five years. The outlooks further recognize KYAGC’s decreasing underwriting leverage, maintenance of a solid reinsurance program with a manageable retention, as well as its financial flexibility to assess members, which has never been triggered.

The limited business profile reflects geographical concentration and niche focus of KYAGC’s monoline, single state operations, with potential exposure to unfavorable economic, legislative and regulatory changes within Kentucky. The Fund provides workers’ compensation coverage to approximately 3,600 construction-related contractor members.

The positive outlooks consider AM Best’s expectation that KYAGC’s balance sheet strength assessment of very strong will remain supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which may improve further as the company’s surplus continues to grow organically from strong operating profitability as a niche carrier within the workers’ compensation business segment.

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 © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 CorteMadera.com & California Media Partners, LLC. All rights reserved.