OWINGS MILLS, Md., July 13, 2016 /PRNewswire/ -- Westminster American Insurance Company ("WAIC") announced that it has earned an "A" (Excellent) FSR rating from the A.M. Best Company. Formerly known as Carroll County Mutual Insurance Company, WAIC's current management brought the company out of regulatory receivership in 2005. This "A" rating has been awarded just nine years after their first rating (post-receivership) of "B+" (Good) in 2007.
According to A.M. Best's website, a Best's Financial Strength Rating (FSR) is an independent opinion of an insurer's strength and ability to meet its ongoing policy and contract obligations. Specifically about WAIC, A.M. Best wrote, "The upgrades reflect [WAIC's] consistently solid risk-adjusted capitalization and profitable results, which are attributable to management's underwriting expertise within its growing commercial lines book of business."
"I am extremely proud of everyone at Westminster American," said WAIC's President and CEO, John Scott, Jr. "It's always rewarding to have independent validation of our ongoing success and hard work."
Westminster American Insurance Company, headquartered in Owings Mills, Maryland, offers commercial insurance in the Mid-Atlantic region to owners of properties through an exclusive network of independent agents.