AM Best Revises Outlooks to Positive for Core Specialty Insurance Holdings, Inc. Subsidiaries; Affirms Credit Ratings of Lancer Insurance Group Members
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of StarStone Specialty Insurance Company and StarStone National Insurance Company, both domiciled in Wilmington, DE and collectively are known as Core Specialty.
Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of "a-" (Excellent) of Lancer Insurance Company and Lancer Insurance Company of New Jersey, a division of Core Specialty. The outlook of these Credit Ratings (ratings) is stable. Both are headquartered in Long Beach, NY and collectively referred to as Lancer Insurance Group.
The ratings of Core Specialty reflect its 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 (ERM).
The ratings of Lancer Insurance Group reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate (ERM).
The positive outlooks reflect the improving business profile of the consolidated Core Specialty group, following its expansion initiatives in 2021 and recent integration of Lancer Insurance Group. Core Specialty has demonstrated an ability to source seasoned and profitable books of business, while continuing to track closely with goals for key performance indicators. While Lancer Insurance Group contributes to the overall Core Specialty strategy, its outlooks are stable due tothe lack of history of contributing to and being supported by the greater Core Specialty group.
AM Best will continue to monitor Core Specialty's performance in the medium term for resolution of the positive outlooks. Any potential upgrade is contingent upon the group continuing to execute upon key business initiatives.
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