A.M. Best has upgraded the financial strength ratings of two workers’ compensation insurers based in Florida.
RetailFirst Insurance Co. and BusinessFirst Insurance Co. have received a financial strength ratings of A- (Excellent) from A.M. Best, upgraded from B++ (Good). The outlook of these ratings has been revised from positive to stable.
The ratings upgrades are based on the consolidated financial results of Retail First and BusinessFirst, which make up RetailFirst Insurance Group, according to a statement from the Summit Consulting, the companies managing general agent.
During 2017, the group reported more than $135 million in combined direct written premium, and as of Sept. 30, 2018, the group had more than $370 million in total admitted assets and more than $184 million of policyholder surplus.
“The group’s ratings continue to be supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and conservative reserving practices,” A.M. Best said. The A- (Excellent) rating is assigned to companies that have “an excellent ability to meet their ongoing insurance obligations.”
Together RetailFirst and BusinessFirst provide workers’ compensation insurance to more than 13,000 businesses throughout Florida, Georgia, Indiana, Kentucky, North Carolina, South Carolina and Tennessee. The day-to-day operations of both companies are managed by Summit, a MGA with more than 40 years of experience in workers’ compensation.
Source: Summit Consulting
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