Columbia, S.C. -- Companion Property & Casualty Insurance Group announced today that its financial strength rating (FSR) from A.M. Best Co. has been upgraded from an "A-" (Excellent) to an "A" (Excellent), reflecting Companion Property & Casualty’s financial strength and sound business practices.
A.M. Best also raised Companion Property & Casualty’s issuer credit ratings (ICR) from an "a-" to an "a." The company’s rating outlook was revised from "positive" to "stable."
A.M. Best said the improved ratings reflect Companion Property & Casualty’s "solid capitalization, improved underwriting and operating performance, more favorable reserve development trends as well as prudently managed geographic and product diversification initiatives through its ‘fee for service’ business. The rating also recognizes the significant financial support and flexibility provided by its parent, BlueCross BlueShield of South Carolina, which has contributed substantial amounts of capital in recent years in support of premium growth and expansion initiatives."
"This is great news that will have a tremendous impact on our business," said Charles Potok, president of Companion Property & Casualty. An "A" rating puts Companion at the top of our industry and opens even more doors of opportunity for us. I am proud of everyone in our organization for the enormous effort and dedication that led to this upgrade." For Best’s Ratings, an overview of the rating process and rating methodologies, visit www.ambest.com/ratings.
Headquartered in Columbia, Companion Property & Casualty Insurance Group is a national leader in property and casualty insurance and services. The company offers workers compensation insurance, a variety of commercial package policies, commercial auto insurance, commercial property and commercial liability policies, third party administration (TPA) services (for workers compensation, liability and property coverages), and insurance for residential condominiums. Companion Property & Casualty does business in 44 states through a network of independent agents, brokers and business partners.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.