Sharon, PA – Synergy Comp recently announced that AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Synergy Comp Insurance Company. The outlook of these Credit Ratings (ratings) have been revised to stable from positive.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and excellent ability to meet its ongoing policy and contract obligations.
Synergy Comp’s A (Excellent) rating reflects Synergy’s balance sheet strength, which AM Best categorizes as “very strong,” as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
“The rating affirms the work that Synergy Comp has done over the years in creating safer workplaces, adjudicating claims fairly, and maintaining 100% compliance with transitional return to work,” stated CEO, Lew Kachulis as he announced Synergy Comp’s recent success to the Team.” The future is even more exciting than our past 16 years as we continue to enjoy building a financially healthy insurance company with a mission of helping others.”
Synergy’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is “categorized as strongest, reflective of organic surplus growth achieved through strong operating performance, which has benefited from sustained favorable reserve development patterns over the long term that has driven retained earnings.”
Source: Synergy Comp