AM Best affirmed PURE Insurance Group ratings with stable outlooks, citing strong capitalization and Tokio Marine support, while a separate release upgraded Bankers Insurance Group issuer ratings to bbb+ with a positive outlook.
AM Best affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) for Privilege Underwriters Reciprocal Exchange and PURE Specialty Exchange, both with stable outlooks. The agency said PURE Insurance Group’s ratings reflect strong balance sheet strength, marginal operating performance, a neutral business profile and appropriate enterprise risk management, supported by conservative investments, strong risk-adjusted capitalization and Tokio Marine backing, but partly offset by reliance on reinsurance and surplus notes from its parent. In a separate AM Best action, the agency upgraded the Long-Term Issuer Credit Ratings of Bankers Insurance Group entities to “bbb+” from “bbb”, affirmed their B++ Financial Strength Rating and revised the outlook to positive from stable after improved operating performance and the group’s exit from homeowners’ business reduced earnings volatility.