August 8, 2012
ASI Achieves A (Excellent) Rating Upgrade from A.M. Best
St. Petersburg, FL (Aug. 8, 2012) – American Strategic Insurance Corp. (ASI) announced today that A.M. Best Co. has upgraded ASI’s Financial Strength Rating from A- to A.
"The rating upgrade reflects ASI's long-term underwriting profitability and solid risk-adjusted capitalization resulting from prudent underwriting, pricing sophistication and an effective enterprise risk management process," A.M. Best said in a press release. "As a result, significant surplus growth has occurred over several years from operations as well as support from the group's parent company, ARX Holding Corp."
"Financial strength and stability are important to our clients. Coupled with their great homeowners insurance products, competitive pricing and outstanding service, Best's upgrade makes us even more proud to call ASI our partner. We congratulate the ASI organization," said Mark E. Jones, CEO of TWG Insurance in Irving, TX.
ASI affiliates ASI Assurance Corp., ASI Preferred Insurance Corp. and ASI Lloyds (Dallas, Texas) also received an A rating. Upgraded from B++ to A were ASI’s remaining two affiliates, American Capital Assurance Corp. and ACA Home Insurance Corp.
"ASI's sound overall risk management focus, strong operating performance and capital strength have enabled it to reduce its dependence on quota share reinsurance," A.M. Best said. "In addition, ASI continues to maintain a robust level of catastrophe reinsurance coverage."
About American Strategic Insurance Corp.
ASI was established in 1997 and is rated A (Excellent) by A.M. Best Co., which assesses the financial strength of insurance organizations around the world. The company has nearly $800 million in premiums written and more than $370 million in policyholders’ surplus. To learn more about ASI, visit www.AmericanStrategic.com.
About A.M. Best
A.M. Best’s Financial Strength Ratings are recognized as the benchmark for assessing the financial strength for insurance organizations throughout the globe. A.M. Best renders its independent rating opinions based upon a comprehensive evaluation of a company’s balance sheet strength, operating performance and business profile. To learn more about A.M. Best, visit www.ambest.com.