AM Best Revises Outlooks to Positive for Wayne Cooperative Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Sep 30, 2021--
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Wayne Cooperative Insurance Company (Wayne Cooperative) (Clyde, NY).
The ratings reflect Wayne Cooperative’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.
The outlook revisions to positive reflect the company’s sustained profitability over the past several years, which has resulted in underwriting and operating performance metrics that outperform AM Best’s personal property composite. The company’s stable results have benefited from several factors including underwriting discipline, comprehensive reinsurance programs, territorial expansion initiatives and continued stable agency relationships. AM Best expects volatility of Wayne Cooperative’s key operating performance metrics to remain low to moderate despite the impact from weather-related events and fire losses.
Balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Credit Adequacy Ratio (BCAR), and includes organic surplus growth derived from profitable underwriting and investment performance. Wayne Cooperative’s limited business profile reflects its geographic concentration in Upstate New York, which exposes results to localized weather events, as well as judicial and regulatory challenges. The company operates as a personal lines property and casualty insurer specializing in homeowner, farmowner, landlord and other multi-peril package policies, as well as inland marine rider coverages. The company’s ERM program is considered appropriate for its size and scope of operations.
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 use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.
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CONTACT: Maurice Thomas
Senior Financial Analyst
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Senior Financial Analyst
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Manager, Public Relations
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+1 908 439 2200, ext. 5644
KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW YORK NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: AM Best
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PUB: 09/30/2021 10:14 AM/DISC: 09/30/2021 10:14 AM