AM Best Revises Issuer Credit Rating Outlook to Stable for The Order of United Commercial Travelers of America.
ENPNewswire-November 18, 2021--AM Best Revises Issuer Credit Rating Outlook to Stable for The Order of United Commercial Travelers of America
(C)2021 ENPublishing - http://www.enpublishing.co.uk
Release date- 17112021 - AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of 'bb+' (Fair) of The Order of United Commercial Travelers of America (UCT) (Columbus, OH).
The outlook of the FSR is stable.
The Credit Ratings (ratings) reflect UCT's balance sheet strength, which AM Best assesses as strong as well as its weak operating performance, limited business profile and marginal enterprise risk management.
The stable Long-Term ICR outlook reflects UCT's strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR); however, the company maintains an overall small absolute level of capital. The company's operating performance has been weak the past couple of years due to headwinds from the COVID-19 pandemic and higher-than-expected claims. The company maintains modest market positions in a highly competitive accident and health segment in which many of its competitors enjoy significant scale advantages, which limits UCT's business profile.
The ratings also reflect UCT's favorable level of risk-adjusted capitalization in support of its insurance and investment risks due to a conservative investment portfolio and the extensive use of reinsurance. AM Best also notes that UCT has implemented an insurance oversight board to help manage its strategic planning, mitigate...
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