AM Best Assigns Credit Ratings to First Indemnity of America Insurance Company.
ENPNewswire-September 17, 2021--AM Best Assigns Credit Ratings to First Indemnity of America Insurance Company
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Release date- 16092021 - AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-'(Excellent) to First Indemnity of America Insurance Company (FIAIC) (Morris Plains, NJ).
The outlook assigned to the Credit Ratings (ratings) is stable.
The ratings reflect First Indemnity's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
FIAIC is a niche provider focused on writing surety bonds for small to medium size contractors in sectors such as construction, paving, landscaping and other similar business segments. The company operates through long-term producer partnerships, mainly in Northeastern states, with a concentration of risk in New Jersey and Maryland. FIAIC's balance sheet strength is supported by the company's strongest level of risk-adjusted capitalization, as measured by Best's Credit Adequacy Ratio (BCAR). The balance sheet strength assessment considers the company's prudent reserving and solid reinsurance program, while also acknowledging limited financial flexibility and an elevated level of common stock leverage.
FIAIC has posted consistent operating profitability over the past five years, with positive income resulting from both underwriting operations and investment returns. While underwriting expenses have been elevated in comparison with composite figures, management is...
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