AM Best Revises Outlooks to Stable for Eastern Atlantic Ins. Co.
A press release! Few things are as dull as a press release. But this one is special to us here at Eastern Atlantic. Two years ago we were assigned a “negative” outlook after having been “stable” since earning our A- rating in 2008. Now, A. M. Best, recognized nationally as one of the foremost insurance rating organizations in the world, have restored our “stable” outlook and reaffirmed our A- rating for the 11th year in a row! It’s kind of a big deal to us and cause for a celebration. It says what we’ve always known – that we are here to stay. So if you’re an owner-operator, a fleet owner an agent looking for a company that specializes in trucking and is solid, check us out.
FOR IMMEDIATE RELEASE
OLDWICK – SEPTEMBER 26, 2019
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Eastern Atlantic Insurance Company (EAIC) (Harrisburg, PA). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Western Pacific Mutual Insurance Company, A Risk Retention Group (WPMIC) (Littleton, CO), an affiliate of EAIC. The outlook of these Credit Rating (ratings) is stable.
The ratings of EAIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings of WPMIC reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate ERM.
The revised outlooks are due to EAIC’s improved underwriting performance in the last two years, which resulted in surplus growth. EAIC’s strategy focuses on strengthening its position in its existing niche market while evaluating new business segments to determine compatibility within its business model. Management has focused its expansion efforts on the independent owner-operator trucking market segment operating in the short- to intermediate-haul range of up to 600 miles from their garaging location.
EAIC provides commercial automobile liability, including physical damage, motor truck cargo and surety bond coverage on a direct basis. It also reinsures a builder general liability program from WPMIC, an affiliate, and a home warranty program from Warranty Underwriters Insurance Company, also an affiliated home warranty company.
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’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry.