State National Companies announced that A.M. Best has assigned an ‘A’ (Excellent) rating to its pooled subsidiaries, State National Insurance Company (SNIC) and State National Specialty Insurance Company (SNS).
In 2002, the two insurance affiliates wrote $217,000,000 in combined premium with capital and surplus of $60,000,000. Best’s pooled rating applies to two or more insurers operating under common ownership, management, strategy or other forms of corporate organization.
State National Companies president Terry Ledbetter reported that the rating was based on the group’s solid capitalization, sustained underwriting profitability and excellent operating results.
On the ‘A’ rating, Ledbetter noted, “This rating gives clients greater confidence in our overall stability and financial strength. While State National Insurance Company has been A-rated for some time, the new A-rating for ‘Specialty’ expands flexibility for program business writers by giving them access to two A-rated carriers.”
The rating follows earlier news that the state of Washington has granted State National Specialty Insurance Company authority to write vehicle coverage. This is the 38th state to grant authorization and the 17th for SNS in the last four years. State National Insurance Company has authorization in 49 states. Both are also authorized in the District of Columbia.
State National Companies is a privately held group of insurance companies and agencies. Its three insurance affiliates include State National Insurance Company, State National Specialty Insurance Company and Texas-based State & County Mutual Fire Insurance Company.
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