AM Best Withdraws Credit Ratings of Kentucky Growers Insurance Company
2024年8月16日 - 4:14AM
ビジネスワイヤ(英語)
AM Best has downgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the
Financial Strength Rating of “B++” (Good) of Kentucky Growers
Insurance Company (Kentucky Growers) (Lexington, KY). The outlook
of these Credit Ratings (ratings) has been revised to negative from
stable. Concurrently, AM Best has withdrawn these ratings as the
company has requested to no longer participate in AM Best’s
interactive rating process.
The ratings reflect Kentucky Growers’ balance sheet strength,
which AM Best assesses as very strong, as well as its marginal
operating performance, limited business profile and appropriate
enterprise management (ERM).
The Long-Term ICR downgrade is based on the recent deterioration
in Kentucky Growers’ policyholder surplus, driven by an increased
frequency and severity of storm losses, which led to a decline in
risk-adjusted capitalization.
The outlook revision to negative from stable reflects the
continued pressure on the company’s marginal operating performance
assessment associated with increased volatility in its most recent
five-year period and through the second quarter of 2024. It also
reflects AM Best’s concern over the effectiveness of the company’s
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.
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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Phinthip Dezuzio Senior Financial Analyst +1 908 882
1736 phinthip.dezuzio@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Kenneth Tappen Senior Financial Analyst +1 908
882 2389 kenneth.tappen@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com