Company Website:
http://www.ambest.com
OLDWICK, N.J. -- (Business Wire)
A.M. Best has affirmed the financial strength rating (FSR) of A
(Excellent) and the issuer credit ratings (ICR) of “a+” of the pooled
members of Western World Insurance Group (Western World). Western
World is ultimately owned by Validus Holdings Ltd. (Validus)
(Hamilton, Bermuda) [NYSE:VR]. Validus completed its acquisition of
Western World on Oct. 2, 2014. Validus’ flagship company is Validus
Reinsurance Ltd., which maintains the FSR of A (Excellent) and an
ICR of “a”. The outlook for all ratings is stable. All members of
Western World are domiciled in Keene, NH.
The ratings reflect the group’s strong capitalization, historically
conservative loss reserve philosophy, geographic diversification and the
benefits derived from its solid business partnerships among select
wholesale general agents and brokers. In addition, Western World
maintains a strong leadership position in the U.S. excess and surplus
lines sector.
These strengths are partially offset by the group’s historically
elevated underwriting leverage, higher-than-average expense ratio, low
new money yields and competitive pressures, which have restricted
earnings during the most recent soft market period.
Following its acquisition by Validus, Western World’s management team
has largely remained intact, and Western World operates as a separate
entity under Validus. From a strategic standpoint, Validus has enhanced
and expanded its business profile by providing a U.S. specialty
commercial insurance distribution platform, and Western World has the
ability to expand its current product offerings. It is anticipated that
near term results will be skewed as Western World rebalances its
underwriting book.
The FSR of A (Excellent) and the ICRs of “a+” have been affirmed for the
following pooled members of Western World Insurance Group:
- Western World Insurance Company
- Stratford Insurance Company
- Tudor Insurance Company
This press release relates to rating(s) 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 visit A.M. Best’s Ratings
& Criteria Center.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company, Inc.ALL RIGHTS
RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151125005415/en/
Contacts:
A.M. Best
Susan Molineux, 908-439-2200, ext. 5829
Senior
Financial Analyst
susan.molineux@ambest.com
or
Steven
M. Chirico, 908-439-2200, ext. 5087
Assistant Vice President
steven.chirico@ambest.com
or
Christopher
Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Public Relations
james.peavy@ambest.com
Source: A.M. Best
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