A.M. Best revised the outlooks to negative for Western Pacific Mutual Insurance Company, A Risk Retention Group (WPMIC RRG). WPMIC RRG currently carries a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent).
“The ratings reflect WPMIC’s balance sheet strength, which AM Best assesses as strongest, its adequate operating performance, limited business profile and appropriate enterprise risk management,” wrote A.M. Best in a press release. “The revised outlooks are due to recent volatility in WPMIC’s underwriting performance. This volatility is attributed to growth in the company’s deductible builder program, which has led to an increase in claims activity in its warranty business.”
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