Safety National Receives Indication of Ratings Upgrades
Safety National Casualty Corporation, the U.S. market leader in excess workers' compensation, announced today that three major insurance rating agencies have placed them under consideration for ratings increases.
- A.M. Best Company has placed Safety National "under review with positive implications."
- Moody's has placed Safety National on "review for possible upgrade."
- Fitch Ratings has placed Safety National on "positive watch."
"These developments unfolded days after Tokio Marine Holdings announced an acquisition with our parent company, Delphi Financial Group," said Mark Wilhelm, CEO of Safety National. "Agencies have immediately recognized that Tokio Marine's A++ Best rating and financial size, with over $200 billion in assets, will offer Safety National unquestioned financial security for the future. The immediate consideration to increase our ratings is a testament to the benefits that this merger will provide Safety National's brokers and policyholders."
A.M. Best's ratings provide an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. It is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile.
Moody's ratings offer an opinion of the credit quality of individual obligations or of an issuer's general creditworthiness. Their analysis includes the judgment of a diverse group of credit risk professionals to weigh those factors in light of a variety of plausible scenarios for the issuer, partnered with several analytical principles.
Fitch Ratings' credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations.