Cision PR Newswire
CAPITAL INSURANCE GROUP RECEIVES A (EXCELLENT) RATING FROM AM BEST
Strength of balance sheet, improved operating and underwriting performance, neutral business profile, enterprise risk management and sustained trend of profitability credited in ratings.
MONTEREY, Calif., Nov. 13, 2024 /PRNewswire/ -- Capital Insurance Group® (CIG®) is pleased to share that its Financial Strength Rating (FSR) of A (Excellent) has been affirmed, for the fifth consecutive year, by AM Best, the credit rating agency for the insurance industry. In addition, its Long-Term Issuer Credit Rating (ICR) has been upgraded to a+ (Superior). Both FSR and Long-Term ICR ratings have a stable outlook, recognizing the significant emphasis CIG has placed on mitigating risks and improving stability and profitability over the past five years.
"These ratings from AM Best are excellent outcomes for CIG, our independent agency partners, and policyholders. The upgrade reflects our continued, very strong balance sheet, adequate operating performance, neutral business profile, and appropriate enterprise risk management," said Andy Doll, President & CEO. "The scores are evidence of our continued strong partnerships, the outstanding efforts of CIG employees, and our collective commitment to being a valued carrier now and into the future."
Despite underwriting challenges within the past decade, AM Best has recognized that CIG has improved its risk management and underwriting disciplines, producing a sustained trend of profitability. This improved trend led to an upgrade in CIG's operating performance building block assessment to adequate from marginal.
The affirmation of stable outlooks for both FSR and Long-Term ICR gives CIG the confidence to continue bringing more advancements, modernizations, and capabilities to serve its agency partners and policyholders across all lines of business into 2025 and beyond.
About Capital Insurance Group
Established in 1898, Capital Insurance Group® (CIG®) is a leading regional property and casualty insurer in the Western U.S. CIG offers trusted Agriculture, Commercial, and Personal coverage across Arizona, California, Nevada, Oregon, and Washington.
Known for superior customer service and customizable coverage, CIG delivers insurance solutions tailored to meet the needs of policyholders, sold exclusively through independent agents. CIG's suite of insurance offerings includes coverage for Homeowners, Renters, Personal Auto, Dwelling Fire, Businessowners, Commercial Auto, Farm Owners, Commercial Agriculture, Farm Auto, Commercial Real Estate, and more. Throughout its footprint, CIG partners with regional and local charitable organizations and events to give back to communities in ways that promote preparedness, enhance resilience, and bring relief from crisis.
CIG is underwritten by its affiliate companies: California Capital Insurance Company, Eagle West Insurance Company, Nevada Capital Insurance Company, and Monterey Insurance Company. CIG's member companies have received a Financial Strength Rating of "A" (Excellent) and a Long-Term Issuer Credit Rating (ICR) of a+ (Superior) from AM Best, the independent financial monitor of the insurance industry. CIG is proud to be part of the Auto-Owners Insurance group of companies, one of the nation's largest, most-trusted insurers. For more information, please visit CIGInsurance.com.
About AM Best
AM Best rating services assess the creditworthiness of and/or reports on over 16,000 insurance companies worldwide. Its credit ratings are independent, indicative and interactive, and summarize their opinion on an insurance company's ability to pay claims, debts and other financial obligations in a timely manner. For the latest Best's Credit Rating, access www.ambest.com.
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SOURCE Capital Insurance Group
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