Bermuda-based American Safety Insurance Holdings Ltd. announced that the A.M. Best Company has affirmed its “A” (Excellent) rating for all of its insurance operating companies, consisting of American Safety Casualty Insurance Company, American Safety Indemnity Company, American Safety Reinsurance, Ltd. and its non-subsidiary affiliate, American Safety Risk Retention Group Inc.
A.M. Best stated that “the rating reflects the consolidated Group’s favorable capitalization, profitable overall operating results, and effective management of its insurance and investment programs.”
However, A.M. Best assigned a negative outlook to the rating in response to the Company’s reserve strengthening in 2004, noting “weaker underwriting results from its core insurance business in recent years and the potential for further reserve strengthening.”
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