A.M. Best Removes From Under Review With Developing Implications and Withdraws Credit Ratings of Yosemite Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Oct 3, 2018--A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Yosemite Insurance Company (Yosemite) (Evansville, IN). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company is no longer participating in A.M. Best’s interactive rating process.
The ratings reflect Yosemite’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, very limited business profile and appropriate enterprise risk management.
The rating affirmations take into consideration the uncertainty that the current capital level will be supportive of the risks given the long-tail nature of the reserves and their development pattern following its acquisition by Enstar Holdings (US) LLC on Sept. 30, 2018. In addition, the ratings reflect the very limited business profile given Yosemite’s run-off status, as its level of geographic and product diversification is expected to erode in the future.
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 .
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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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: 10/03/2018 02:07 PM/DISC: 10/03/2018 02:07 PM