Towson, MD – A.M. Best Co. has reaffirmed a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” for Chesapeake Employers’ Insurance Company as of February 17, 2016. The outlook assigned by A.M. Best to both ratings is stable.
“This rating reflects our continued efforts to build our financial strength and boost our management capabilities,” said Tom Phelan, President and CEO of Chesapeake Employers’ Insurance Company. “Financial strength, dedication to Maryland business owners and agents, technology, and underwriting discipline continue
to be the focus of Chesapeake Employers Insurance. This coveted rating by A.M. Best affirms to us that our strategy is sound.”
In October 2013, Chesapeake Employers transitioned from an independent state agency to a non-stock, not for profit, private insurance company and received its first financial strength rating of A- (Excellent) that same year. Established in 1914, Chesapeake Employers is Maryland’s largest writer of workers’ compensation insurance. The company, which has assets of more than $1.8 billion, employs approximately 400 professionals and works with more than 1,800 insurance agents.
Source: Chesapeake Employers