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AM Best Affirms Credit Ratings of First Guard Insurance Company.

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ENPNewswire-January 21, 2022--AM Best Affirms Credit Ratings of First Guard Insurance Company

(C)2022 ENPublishing - http://www.enpublishing.co.uk

Release date- 20012022 - AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a+' (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ).

The outlook of these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH].

The ratings reflect First Guard's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings consider First Guard's strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), supported by low underwriting and investment leverage, significant surplus growth in recent years, consistently profitable 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 and a strong experienced management team that has committed to writing a geographically diverse book of business. Partially offsetting these positive rating factors is First Guard's narrow product focus within the commercial automobile line of business. First Guard's ERM process is focused on risk identification and mitigation strategies with input...

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