Compwest insurance company am best rating

Lansing, Mich. – The global credit rating agency, A.M. Best, announced today it has affirmed the financial rating of Accident Fund Holdings, Inc. (AFHI), as A- (Excellent) with a stable outlook.

“Accident Fund Holdings continues to be financially strong and focused on providing superior products and services to our agent partners and policyholders in Michigan and throughout the country,” said Liz Haar, president and CEO, Accident Fund Holdings, Inc. “This announcement reflects A.M. Best’s recognition of our effective business strategies and focus on providing superior products and services to the marketplace. Our success has been made possible through the ongoing commitment to excellence of our employees and agent partners.”

In a statement announcing the reaffirmed financial rating, A.M. Best noted, “…the ratings acknowledge the group’s growing use of sophisticated predictive analytic modeling tools and medical cost containment practices and initiatives.” Among other attributes, A.M. Best credited the A- (Excellent) rating to Accident Fund’s solid risk-adjusted capitalization and expertise within the workers’ compensation marketplace.

A.M. Best Assigns Ratings to CompWest Insurance Company and Accident Fund Group

OLDWICK, N.J. - FEBRUARY 04, 2008 12:00 AM (EST)
A.M. Best Co. has assigned a financial strength rating (FSR) of A (Excellent) and an issuer credit rating of "a" to CompWest Insurance Company (San Francisco, CA). The outlook assigned to these ratings is stable.

A.M. Best also has assigned ICRs of "a" and affirmed the FSR of A (Excellent) of Accident Fund Group (Accident Fund) (Lansing, MI) and its members, which include Accident Fund Insurance Company of America (AFICA) and its subsidiaries, Accident Fund General Insurance Company (Lansing, MI), Accident Fund National Insurance Company (Lansing, MI) and United Wisconsin Insurance Company (New Berlin, WI). The outlook for these ratings is stable. CompWest Insurance Company writes workers' compensation in California and operates through an intercompany reinsurance agreement with AFICA.

The ratings reflect the consolidated group's solid, although variable, earnings performance, achieved as the market leader within the Michigan workers' compensation marketplace, its supportive capital position and initiatives to strategically diversify premium volume into additional states.

Partially offsetting these positive rating factors are the emergence of adverse reserve development in most recent accident years, growth in both premiums and reserves during this time related to diversification initiatives outside of Michigan, the execution risk associated with new states and the time required to determine the true profitability of this business. Despite these concerns, the outlook reflects Accident Fund's solid capitalization and expectations for continued strong operating performance over the near term.

On August 31, 2007, A.M. Best assigned an ICR of "a-" and affirmed the FSR of A- (Excellent) of Blue Cross Blue Shield of Michigan (Detroit, MI), the parent company of Accident Fund. The outlook for both ratings is stable.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.

Best’s News & Research Service - November 07, 2017 08:34 AM (EST)

• November 07, 2017 08:34 AM (EST)

Oldwick //BestWire// - A.M. Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to Third Coast Insurance Company (Third Coast) (New Berlin, WI), a newly added member of Accident Fund Group (AF Group). The outlook assigned to these Credit Ratings (ratings) is positive. Additionally, A.M. Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of Accident Fund Insurance Company of America (Accident Fund) (Lansing, MI), United Wisconsin Insurance Company (New Berlin, WI), Accident Fund National Insurance Company (Lansing, MI), Accident Fund General Insurance Company (Lansing, MI) and CompWest Insurance Company (Santa Ana, CA), which operate through an intercompany pooling agreement and are collectively referred to as AF Group. The outlook of these ratings is positive.

Third Coast is a wholly owned subsidiary of Accident Fund. The ratings of Accident Fund are being extended to Third Coast given the explicit support provided through a 100% reinsurance arrangement. The operations of Third Coast are fully integrated with the members of AF Group.

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 Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.