St. Louis, MO – Safety National Casualty Corporation, the U.S. market leader in excess workers’ compensation and significant provider of treaty reinsurance and large casualty offerings, announced today that A.M. Best has upgraded the Company’s financial strength rating (FSR) to A+ (Superior) from A (Excellent).
According to A.M. Best, the upgrade is a result of Safety National’s strong operating performance, sound risk-adjusted capitalization achieved, in part, through the implicit and explicit support from Delphi Financial Group and Tokio Marine Holdings, Inc., as well as its established market presence within the excess workers’ compensation market. The positive rating attributes acknowledge Safety National’s disciplined underwriting standards, service-oriented business approach and experienced management team. The outlook recognizes the group’s historically solid profitability levels, which outperformed its peers’ composites, and A.M. Best’s expectations that Safety National should generate surplus growth through strong earnings over the near term.
“This is an incredible day in Safety National’s history,” said Safety National’s CEO, Mark Wilhelm. “We have worked long and hard to achieve this distinction, which could not have been possible without our dedicated employees and loyal customers or without the support of our parent companies, Delphi Financial Group and Tokio Marine. The upgrade is not only a testament to Safety National’s deep history within the industry, but also the Company’s secure and prosperous future outlook.”
Safety National’s financial size category (FSC) will increase to XII (designating adjusted policyholder surplus between $1 billion and $1.25 billion) from XI once A.M. Best recognizes the company’s June 30, 2013, financials.
Source: Safety National