AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Westfield Specialty Insurance Co. (Westfield Specialty), a newly added member of Westfield Group (Westfield).
All members are wholly owned subsidiaries of Westfield Center, Ohio-based Ohio Farmers Insurance Company (Ohio Farmers), the ultimate parent.
The outlook assigned to the ratings is stable.
The ratings reflect Westfield Specialty’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of the members of Ohio Farmers are being extended to Westfield Specialty given the explicit support provided through a pooling arrangement. The operations of the new subsidiary are fully integrated with the other pooled members of the group.
Westfield Specialty will provide flexible nonstandard product underwriting opportunities to new and existing commercial customers.
Westfield Insurance provides personal insurance in 10 states, commercial insurance in 21 states and surety products in 50 states.
Source: AM Best
Topics Excess Surplus Ohio
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