AM Specialty Insurance Company (ASIC) said AM Best has affirmed its Financial Strength Rating (FSR) of A- (Excellent) with a stable outlook.
AM Best has attributed the rating to its “very strong” level of risk-adjusted capitalization, supported by a Best’s Capital Adequacy Ratio score of 99.6% confidence level as a key driver for the rating, according to the company.
The ratings company also cited AM Specialty Insurance’s “conservative” investment portfolio, adding that the company’s focus on low-limit, non-natural catastrophe risks and high-quality reinsurance partnerships emphasize its robust financial position.
Shevawn Barder, chief executive of AM Specialty Insurance, said the affirmation validates the company’s strategic vision, as well as the hard work of its management and employees.
“As we continue to expand our book of business, our commitment to delivering tailored solutions and financial security to our partners is stronger than ever,” Barder said.
AM Specialty Insurance will continue to prioritize its underwriting-first approach, focusing on sustainable and profitable growth, the company said, adding that its suite of value-added services and effective distribution model will help support its goal of delivering stability and predictability to its partners and clients.
Since 2022, the company has grown steadily, with its written gross premiums rising to $140 million last year from $100 million in 2023. This reflects its commitment to selective underwriting and providing capacity for high-quality, low-volatility risks, the company said.
Last year, AM Specialty Insurance received a multimillion-dollar capital infusion from Veritex Bank. The company said it will use the investment to strengthen its financial standing and enhance its surplus to drive future growth in the specialty insurance sector.
The new funding will also allow AM Specialty Insurance to expand its underwriting capabilities and pursue new insurance programs.
The company also partnered with Once Insurance to become the latter’s underwriting partner for a new product for the jewelry insurance market.
