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AM Best Revises Issuer Credit Rating Outlook to Positive for Restoration Risk Retention Group, Inc.

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ENPNewswire-September 29, 2021--AM Best Revises Issuer Credit Rating Outlook to Positive for Restoration Risk Retention Group, Inc

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 28092021 - AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of 'a' (Excellent) of Restoration Risk Retention Group, Inc. (RRRG) (Burlington, VT).

The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect RRRG's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The positive Long-Term ICR outlook reflects RRRG's distinct improvement in its underwriting results and overall operating performance since transitioning its third-party service providers in 2014. With the integration of the new service providers, RRRG has clearly focused its specialty, niche insurer expertise on improving its claims management and resolution practices. Loss-adjustment expenses have declined significantly over the past five years due to improvement in claims management and litigation strategies. The steps taken by management have improved underwriting profitability significantly, and AM Best anticipates this to continue without material deviation.

The ratings reflect management's prudent risk management philosophy and RRRG's very strong balance sheet that is supported by its solid future earnings prospects and a conservative reserving approach. RRRG also has reduced its balance sheet exposure to equity market volatility in recent years, thereby enhancing its risk-adjusted capitalization.

RRRG conducts business in all 50 states through more than 1,700 independent Servpro franchisees, and its partnership with Servpro Industries in providing...

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