AM Best Assigns Credit Ratings to Vantage Risk Specialty Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Jul 13, 2021--
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Vantage Risk Specialty Insurance Company (Vantage Risk) (Chicago, IL). The outlook assigned to these Credit Ratings (ratings) is stable. Vantage Risk is a newly added member to Vantage Group Holdings Ltd.
The ratings reflect Vantage Risk’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
Vantage Group Holdings Ltd. acquired Vantage Risk to write excess and surplus (E&S) lines for the greater group. The acquisition of an E&S company was part of the group’s business plan since the onset of operations. While the group is still in the process of hiring some key executive positions for primary insurance lines, many of the executive staff have experience managing similar types of operations at other large companies. Vantage Group Holdings Ltd. injected roughly $85 million into Vantage Risk upon closing of the acquisition, bringing the total capitalization to $100 million. In addition, Vantage Risk will benefit from common management, branding and financial flexibility of the greater Vantage Group Holdings Ltd.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210713006151/en/
CONTACT: Dan Hofmeister
Senior Financial Analyst
+1 908 439 2200, ext. 5385
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5087
+1 908 439 2200, ext. 5644
KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: AM Best
Copyright Business Wire 2021.
PUB: 07/13/2021 04:44 PM/DISC: 07/13/2021 04:44 PM