A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Insurance Company of the West and its wholly owned subsidiaries, Explorer Insurance Co. and VerTerra Insurance Co.
All companies, collectively referred to as ICW, are headquartered in San Diego, Calif.
The positive outlooks are based on ICW’s improved operating and underwriting results over several years, driven primarily by favorable loss experience in its leading line of business, workers’ compensation, according to A.M. Best.
Additionally, ICW’s technology platform has resulted in operating and underwriting efficiencies, while ICW’s surplus has grown considerably due to its better-than-average underwriting performance coupled with an increasing level of net investment income, according to A.M. Best.
“The credit rating affirmations reflect the group’s solid risk-adjusted capitalization, attributable to the equity embedded in its loss and unearned premium reserve, a comprehensive reinsurance program and a fairly conservative investment portfolio. Furthermore, the ratings reflect the financial flexibility of its parent company, American Assets Inc.,” A.M. Best stated.
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