AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to "a" from "a-" of Golden Bear Insurance Company (Golden Bear) (Stockton, CA). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Golden Bear’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The rating upgrades are the result of favorable trends in the company’s business profile. Golden Bear is a specialty insurance writer, offering surplus lines coverage across the U.S. and admitted coverage in California and Arizona. As a surplus lines writer, the company enters and exits markets as opportunities arise. The dynamic nature of the company’s product offerings has caused material changes in premium composition year over year and premium fluctuations over longer time frames. However, management has a proven track record of being able to target specific markets in which it can gain meaningful market share. This has led to consistent profitability and five-year return measures that outperform the commercial casualty composite.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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