AM Best Affirms A Ratings for BIIA and Bondex

ATLANTA, Dec. 22, 2022 /PRNewswire/ -- Builders ("Builders" or "Company") announced today that two of its member companies, Building Industry Insurance Association (BIIA) and Bondex Insurance Company, were assigned Financial Strength Ratings (FSR) A (Excellent) by AM Best ratings. These ratings reflect the balance sheet strength and strong operating performance of Builders, the parent company of BIIA and Bondex.

Both Bondex and BIIA were acquired by Builders in September of 2022 and are highly complementary to Builder's existing business in the U.S. These ratings will support accelerated profitable growth and enhance the Company's product portfolio and geographic footprint for Builders' Workers Compensation and Construction policyholders.

"These ratings for our recent acquisitions anchor Builders' growth-focused strategy as an all lines insurance carrier, provides scalability, diversifies our product offerings and extends our geographic reach for our U.S. operations," said Todd Campbell, Builders Group President and Chief Executive Officer. "We're excited to be A rated with AM Best across all of our Builders companies and I know these high-quality assets will add to our balanced approach to capital allocation to drive exceptional value."

Builders acquired BIIA in Norfolk, Virginia, a Property and Casualty carrier primarily serving the construction industry in Virginia. "BIIA offers similar products to Builders, and we are pleased to now have a strong foundation and reputation in the desirable Virginia market," says Mark Gromek, Chief Marketing and Underwriting Officer for Builders, who also serves as the President of BIIA."

Bondex, a T listed insurance carrier based in Florham Park, New Jersey, offers Contract and Commercial Bonds for contractors. According to Antonio Barner, Builders' Chief Operating Officer and Senior Vice President of Strategy who also serves as the President of Bondex, "The company's recognized expertise, ease of doing business, quick response times, and common-sense approach is an asset to Builders as we look to strategically grow and expand these products in current states and across our distribution platform."

With the completion of this AM Best review, Builders will continue to have significant financial flexibility to consider additional value-creating capital deployment options.

Atlanta-based Builders delivers workers' compensation, general liability, property, commercial auto, umbrella, and construction risk insurance through a strong independent agent network. Celebrating its 30-year anniversary in 2022 and a legacy of commercial insurance industry excellence, Builders has grown to exceed $1 billion in total assets with more than 180 employees and 550 agency locations across the nation. Builders and its member companies are rated "A" (Excellent) IX by A.M. Best. Meet Builders — #30YearsStrong

For more information about Builders, visit our website at www.bldrs.com.

SOURCE Builders Insurance Group