A.M. Best Revises Outlooks to Stable for Southern General Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Jul 11, 2018--A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” of Southern General Insurance Company (SGIC) (Marietta, GA).
The Credit Ratings (ratings) reflect SGIC’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its weak operating performance, limited business profile and marginal enterprise risk management.
The stable outlooks reflect the improvement in operating performance resulting from underwriting initiatives implemented to improve rate adequacy. Risk-adjusted capitalization is assessed as adequate; however, leverage measures have improved in recent periods, as policyholder surplus has increased at a faster pace relative to premiums. Partially offsetting rating factors include unfavorable reserve development and SGIC’s limited scale of operations. The company’s business profile is limited due to its product offering and geographic concentration.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
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CONTACT: A.M. Best
Janet Hernandez, +1 908-439-2200, ext. 5767
Senior Financial Analyst
Joseph Burtone, +1 908-439-2200, ext. 5125
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 07/11/2018 02:20 PM/DISC: 07/11/2018 02:21 PM