Strong Operating Performance and Improved Underwriting Results Earns “A” Rating
SAN DIEGO, Oct. 22, 2018 — ICW Group Insurance Companies, a leading national group of property and casualty carriers, announced today that the A.M. Best Company (A.M. Best), has upgraded the Financial Strength Rating (FSR) for ICW Group to “A” (Excellent). The rating was accompanied by a “Stable” outlook.
A.M. Best’s ratings reflect the company’s balance sheet strength, which A.M. Best categorizes as strongest, as well as its solid operating performance and appropriate enterprise risk management.
“Since our early beginnings, ICW Group has been deeply committed to creating the best insurance experience possible. This rating upgrade is a testament to our people, and their dedication to providing innovative insurance solutions for all of our customers,” said Kevin Prior, president and CEO of the ICW Group. “We believe this significant recognition will only add to the trust and confidence our valued agent and broker partners have in ICW Group when recommending us to their clients.”
According to A.M. Best, “The ratings upgrade is based on ICW Group’s improved operating and underwriting results over the past several years, driven primarily by favorable loss experience in its leading line of business, workers’ compensation. As a result, ICW Group’s five-year average combined and operating ratios outperformed those of the workers’ compensation composite. Additionally, ICW Group’s technology platform has resulted in both operating and underwriting efficiencies, enabling ICW Group to optimize risk selection and pricing. Further, ICW Group’s surplus has grown considerably due to the better-than-average underwriting performance coupled with an increasing level of net investment income.”
Additionally, ICW Group’s assets base has expanded to $3 billion and the company has outperformed A.M. Best’s “A+” peer composite over the last 10 years.
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative objective insurance rating and information source. 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 Workers’ Compensation, Property and Auto 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 while elevating the trusted agents who advise them. For more information, visit ICW Group’s website, Twitter, LinkedIn and Facebook pages.