AM Best Assigns Credit Ratings to WCF Select Insurance Company; Affirms Credit Ratings of WCF Insurance Group’s Members
OLDWICK, N.J.--(BUSINESS WIRE)--Dec 21, 2022--
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to WCF Select Insurance Company (Roseville, CA). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of WCF Mutual Insurance Company and its reinsured subsidiary, WCF National Insurance Company (both domiciled in Sandy, UT). The outlook of these ratings is stable. These companies collectively are referred to as WCF Insurance Group.
The ratings reflect WCF Insurance Group’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The group’s rating affirmations account for its supportive risk-adjusted capital over a prolonged period; operating performance that has produced consistently favorable earnings; the group’s position as a workers’ compensation market leader in Utah; and its fully developed and embedded enterprise risk management frameworks.
The ratings assigned to WCF Select recognize its role as a member of the group and the explicit support provided through an intercompany reinsurance agreement.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please viewGuide to Proper Use of Best’s Ratings & Assessments.
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, visitwww.ambest.com.
Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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KEYWORD: CALIFORNIA NEW YORK UTAH NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: AM Best
Copyright Business Wire 2022.
PUB: 12/21/2022 02:31 PM/DISC: 12/21/2022 02:32 PM