Overland Park, Kan.-based carrier GE Commercial Insurance announced that a subsidiary, First Specialty Insurance Corporation (FSIC), has been upgraded by A.M. Best from “A (VII)” to “A (XV).” FSIC is also an affiliate of Employers Reinsurance Corporation (ERC).
This upgrade to financial size category XV — Best’s highest category — reflects the high capitalization of FSIC by its parent, ERC, the company said in a statement. Best’s category XV rating represents adjusted policyholder surplus greater than $2 billion.
Best’s financial size category rating is designed to provide a convenient indicator of company size in terms of its statutory surplus and related accounts. Insurance agents, brokers and buyers typically strongly favor carriers that can demonstrate sufficient financial strength to receive Best’s coveted XV rating.
GE Commercial’s insurance offerings include medical and non-medical professional liability, workers’ compensation, commercial property and other unique risks.
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