A.M. Best Downgrades Credit Ratings of 21st Century Security Insurance Company; Places Under Review With Negative Implications
OLDWICK, N.J.--(BUSINESS WIRE)--Aug 3, 2018--A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of 21st Century Security Insurance Company (21st Century Security), following its acquisition by High Point Preferred Insurance Company, a subsidiary of Palisades Safety and Insurance Association (PSIA) , on Aug. 1, 2018. PSIA is a reciprocal insurance exchange that is managed by its attorney-in-fact, Plymouth Rock Management Company of New Jersey. Additionally, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications. All companies are headquartered in Red Bank, NJ.
The ratings reflect 21st Century Security’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The downgrade and negative implications status reflects 21st Century Security’s new ownership structure and A.M. Best’s need to assess the strategic and financial plans for the company. A.M. Best expects to resolve the under review status of the ratings following more in-depth discussions with the company’s management team.
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
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: A.M. Best
Kenneth Tappen, +1-908-439-2200, ext. 5248
Senior Financial Analyst
Richard Attanasio, +1-908-439-2200, ext. 5432
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
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PUB: 08/03/2018 08:45 AM/DISC: 08/03/2018 08:45 AM