AP NEWS

A.M. Best Affirms Credit Ratings of First Guard Insurance Company

December 4, 2018

OLDWICK, N.J.--(BUSINESS WIRE)--Dec 4, 2018--A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of First Guard Insurance Company (First Guard) (Venice, FL). The outlook of these Credit Ratings (ratings) remains stable. First Guard is a subsidiary of Biglari Holdings Inc. (NYSE:BH).

The ratings reflect First Guard’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its very strong operating performance, limited business profile and appropriate enterprise risk management.

The ratings consider First Guard’s strong risk-adjusted capitalization, supported by low underwriting and investment leverage, consistently very strong and stable long-term operating performance, and conservative underwriting discipline. The ratings also reflect the company’s extensive expertise in the trucking physical damage market segment. Partially offsetting these positive rating factors are First Guard’s narrow product focus within the commercial automobile line of business and below-average investment yields.

A.M. Best believes that the ratings are well-positioned at this time, and expects that trends in risk-adjusted capitalization and operating performance will continue in the near to medium term.

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 .

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181204005670/en/

CONTACT: Jeffrey Stary, CPCU, ARe, ARM

Financial Analyst

+1 908 439 2200, ext. 5689

jeffrey.stary@ambest.comRaymond Thomson, CPCU, ARe, ARM

Associate Director

+1 908 439 2200, ext. 5621

raymond.thomson@ambest.comChristopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.comJim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: UNITED STATES EUROPE NORTH AMERICA FLORIDA NEW JERSEY

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE

SOURCE: A.M. Best

Copyright Business Wire 2018.

PUB: 12/04/2018 09:47 AM/DISC: 12/04/2018 09:47 AM

http://www.businesswire.com/news/home/20181204005670/en

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