Minneapolis-based RTW Inc. reported that A.M. Best Co. increased the financial strength rating of its subsidiary American Compensation Insurance Co. (ACIC) to “B+” (very good, secure) from B (fair, vulnerable).
Best cited improved capitalization and continued profitable operating performance as the primary factors contributing to the increase. The company increased the capital and surplus to $33 million in 2003 from $26.8 million in 2002 as a result of profitability in 2003.
According to Best, “The rating reflects ACIC’s improved capitalization and profitability over the last two years. After returning an experienced executive management team in December 2001, the company has closed unprofitable regions, reduced premiums in force, improved pricing and refocused on its specific underwriting niche and intense claims and case management.”
Was this article valuable?
Here are more articles you may enjoy.
Homeowners Facing Big Deductibles? Mission Says it Has a Buyback Plan for That 
Old Republic to Acquire Small Farmowner Insurer Everett Cash Mutual 
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
Mississippi Supreme Court Won’t Budge on $15M Bad-Faith Decision Against USAA 
