St. Louis, MO -(BusinessWire)- Safety National Casualty Corporation, a provider of excess workers’ compensation, announced today that three major insurance rating agencies have increased the company’s ratings.
- While Safety National’s A.M. Best financial strength rating remains “A”, the agency has upgraded Safety National’s issuer credit rating from “A” to “A+”
- Moody’s has upgraded Safety National’s rating from “A3” to “A2”
- Fitch Ratings has upgraded Safety National’s rating from “A-” to “A+”
“The ratings agencies reacted quickly to news of the merger completion between Delphi Financial Group, our parent company, and Tokio Marine Holdings,” said Mark Wilhelm, CEO of Safety National. “Yesterday we were backed by Delphi Financial, a U.S.-based company with $9 billion in assets. Today we are backed by Tokio Marine Holdings, a global company with approximately $200 billion in assets. The ratings agencies quickly took notice of the financial security enhancement brought on by this drastic shift.”
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. They are based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
Moody’s issuer ratings offer an opinion 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.