AM Best Revises Outlooks to Positive for Jet Insurance Company
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Jet Insurance Company (Jet) (Charlotte, NC).
The Credit Ratings (ratings) reflect Jet's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The positive outlooks reflect AM Best's expectation that Jet's business plan will be executed in line with company provided projections and within manageable deviations, and that its balance sheet strength metrics will be sustained as the company grows premium. Jet's balance sheet strength assessment is supported by its risk-adjusted capitalization, which is at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), relatively low risk investment portfolio and quota share reinsurance program. The company's balance sheet strength further benefits from low limit surety bond exposure, as well as strong liquidity and cash flow measures.
AM Best views Jet's operating performance as adequate based on the company's historical results since inception and well-defined business plan. Jet was formed in 2018 as a property/casualty insurance company specialized in writing surety and fidelity bonds. The company is building a geographically diverse book of business sourced through its affiliated wholesale insurance agency and Jet's direct-to-principal distribution capability, which was launched in March 2022. Jet's limite business profile reflects the company's targeted business plan to write nearly all transactional commercial surety bond types, with a limited appetite for contract surety and fidelity bonds.
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 Performance Assessments, 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.
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.