SOUTHFIELD, Mich., May 9, 2019 /PRNewswire/ -- AmeriTrust Group, Inc., today announced that its five insurance carrier subsidiaries have received an upgraded Financial Strength Rating (FSR) of "A-" (Excellent) from AM Best, the insurance industry credit rating organization. AM Best also upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a-" from "bbb+". The outlook of these Credit Ratings (ratings) has been revised to stable from positive. AmeriTrust's five insurance underwriting entities are:
- Star Insurance Company
- Century Surety Company
- ProCentury Insurance Company
- Williamsburg National Insurance Company
- Ameritrust Insurance Corporation
"Achieving this rating upgrade from AM Best has been our collective goal throughout the organization," said Kenn R. Allen, AmeriTrust President and CEO. "We diligently executed our corporate initiatives and applied our core values to reach this milestone. This is a significant moment for AmeriTrust, and I thank our employees for all their hard work to help this come to fruition."
In its announcement, AM Best noted that this upgrade reflects AmeriTrust's improved ERM capabilities including improvements in internal controls, risk identification, risk appetite, stress testing, and governance and risk culture. In addition, AmeriTrust's operating performance improved in 2018 as a result of significant corrective actions that were implemented over the past few years by the organization's new management team. AmeriTrust's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is assessed as "strongest".
"As of March 31, 2019, AmeriTrust's statutory surplus is $613.5 million, the highest level in our organization's history," commented Mr. Allen. "AM Best's upgrade further validates our stability and commitment to our policyholders and our trusted agents."
About AmeriTrust Group, Inc.
Founded in 1955, AmeriTrust Group, Inc. is a nationally recognized commercial insurance underwriter and insurance administration services provider in the commercial property and casualty insurance industry. AmeriTrust is comprised of four distribution segments of the insurance marketplace: admitted carrier operations, excess & surplus lines carrier operations, wholesale MGU/MGA and third-party administration operations, and retail insurance agency operations.
AmeriTrust offers a broad range of insurance solutions, including specialty products to independent agencies, governmental entities, select industry, trade and professional associations, and affinity partners. Carrier operations include five insurance companies which are licensed on both an admitted and non-admitted basis. For more detail, visit www.ameritrustgroup.com.
SOURCE AmeriTrust Group, Inc.