AM Best Assigns Credit Ratings to Securian Specialty Lines, Inc.
2024年5月16日 - 4:59AM
ビジネスワイヤ(英語)
AM Best has assigned a Financial Strength Rating of A-
(Excellent) and a Long-Term Issuer Credit Rating of “a-”
(Excellent) to Securian Specialty Lines, Inc. (Securian Specialty)
(Macon, GA). The outlook assigned to these Credit Ratings (ratings)
is stable.
The ratings reflect Securian Specialty’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 (ERM).
The ratings also consider Securian Specialty’s role as a member
of Securian Financial Group, Inc. Securian Specialty is a newly
formed surplus lines carrier and is a wholly owned subsidiary of
Securian Casualty Company (Securian Casualty). Initially, Securian
Specialty plans to offer products adjacent to what Securian
Casualty currently offers to lenders. The business plan calls for
an expansion to all 50 states over the next five years and Securian
Specialty will leverage Securian Casualty’s existing distribution
network, as well as new distributors.
Securian Specialty’s very strong balance sheet strength is
underpinned by projected strongest risk-adjusted capitalization, as
measured by Best Capital Adequacy Ratio (BCAR), and a sound
business plan for the next five years. Operating performance
metrics are expected to be comparable with those of the credit
composite average, while an underwriting loss is expected during
the implementation phase.
The ratings also consider the execution risk inherent in
start-up organizations and the potential challenges management
faces to execute on the business plan. Securian Specialty will
enjoy the benefits of Securian Financial Group, Inc.’s resources
including legal, ERM and asset management, which partially
mitigates this risk. The company will share Securian Casualty’s
management team, which has a demonstrated and sound understanding
of its chosen markets.
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.
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Janet Hernandez Senior Financial Analyst +1 908 882
1890 janet.hernandez@ambest.com
Richard Attanasio Senior Director +1 908 882
1638 richard.attanasio@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com