AM Best Upgrades Credit Ratings of California Casualty Group Members
AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Ratings
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AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bb+” (Fair) of The California Casualty Indemnity Exchange (Palo Alto, CA) and its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon (Portland, OR), California Casualty & Fire Insurance Company (Palo Alto, CA) and California Casualty Insurance Company (Portland, OR). All of these companies comprise California Casualty Group (California Casualty). The outlook of these Credit Ratings (ratings) is stable.
The Credit Ratings (ratings) reflect California Casualty’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
The rating upgrades reflect a significant improvement in California Casualty’s overall risk management process, as evidenced by improved operating results and capital position over the past two years. As a result, the group’s ERM has been revised to appropriate from marginal. The ERM program is now more formalized and developed throughout the organization, rooted in accountability, governance and culture. California Casualty’s ERM program includes defined risk appetite and tolerances designed to support strategic decision making, operational accountability, capital management and proactive oversight. The strategic business initiatives implemented by management, including the realignment of its business mix toward stronger-performing affinity groups and exit from underperforming regions, have contributed to the organization’s improved earnings stability and more favorable underwriting results.
The stable outlooks reflect AM Best’s expectation that CCG will maintain its strong balance sheet strength assessment, underpinned by sustained stability of risk-adjusted capitalization, as measured by BCAR. Management’s strategic business initiatives and ERM practices are expected to continue the trend of sustained improvements in operating performance and organic surplus growth.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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