Company Recognized for its Strong Operating Performance
SAN DIEGO (December 20, 2021) — AM Best announced it has revised the Long-Term Issuer Credit Rating outlook to positive from stable for ICW Group Insurance Companies, a leading group of property and casualty carriers.
In addition to the credit rating boost, AM Best, a global credit rating agency, affirmed ICW Group’s Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (ICR) of “a” (Excellent).
“This positive rating is a testament to our team’s unwavering commitment across the country to our financial strength, stability and growth,” said Kevin Prior, ICW Group President and CEO. “It not only validates our strong performance but also helps drive our growth strategy as we expand our product portfolio, diversify geographically and continue introducing value-added products and services that enhance our customers’ experiences.”
AM Best cited ICW Group’s strategic initiatives, including product and geographic diversification, pricing sophistication and data analytics to manage risk exposures as reasons behind the revised ICR. According to a press release issued by AM Best, ICW Group’s expansion of its Assumed Reinsurance business, together with the continued growth of its workers’ compensation business nationally, has contributed to the positive outlook.
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.
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, Assumed Reinsurance and Catastrophe 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. More information is available on ICW Group’s Twitter, LinkedIn and Facebook pages.