Leading Rating Agency Revises Company’s Outlook to Positive
SAN DIEGO, Oct. 16, 2017— ICW Group Insurance Companies, a group of property and casualty carriers, recently received recognition for their strong financial strength and stability, with an “A- (Excellent)” rating and positive outlook from A.M. Best, a leading insurance rating organization.
The rating process by A.M. Best is a comprehensive quantitative and qualitative analysis of a company’s balance sheet strength, operating performance and business profile. An “A- (Excellent)” rating is assigned to companies that have an excellent ability to meet their ongoing insurance obligations, in A.M. Best’s opinion.
“We’re certainly proud of our A.M. Best rating and the solid financial performance it represents,” said Kevin Prior, president and CEO of ICW Group. “It’s critical that agents, brokers and policyholders have a high degree of confidence in their carrier’s financial stability, and this rating and positive outlook confirms ICW Group’s strong $1 billion capitalization and our desire to deliver a truly superior customer experience!”
According to A.M. Best, “The positive outlooks are based on ICW’s improved operating and underwriting results over several years, driven primarily by favorable loss experience in its leading line of business, workers’ compensation (WC). As a result, ICW’s five-year average combined and operating ratios outperformed those of the WC composite. Additionally, ICW’s technology platform has resulted in operating and underwriting efficiencies, enabling ICW to optimize risk selection and pricing. Furthermore, ICW’s surplus has grown considerably due to its better-than-average underwriting performance coupled with an increasing level of net investment income.”
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative objective insurance rating and information source. For more information, visit www.ambest.com. To learn more about the ICW Group rating, read the full A.M. Best news release.
About ICW Group
Based in San Diego, ICW Group Insurance Companies is the largest privately held insurance company domiciled in California. Quoting more than $3 billion annually, ICW Group represents a group of Property, Auto and Workers’ Compensation insurance carriers, including Insurance Company of the West and Explorer Insurance Company. ICW Group is recognized nationally as an industry leader in helping policyholders achieve fewer and less costly claims, and is committed to meeting the needs of its policyholders and elevating the trusted agents and brokers who advise them. More information is available at www.icwgroup.com, www.twitter.com/ICWGroup, www.linkedin.com/companies/icw-group and www.facebook.com/ICWGroup.