Selective Insurance Group : A.M. Best Assigns Ratings to Selective Casualty Insurance Company and Selective Fire & Casualty Insurance Company
09/14/2012| 11:45am US/Eastern
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A.M. Best Co. has assigned a financial strength rating of A
(Excellent) and issuer credit ratings of "a+" to Selective Casualty
Insurance Company (SCIC) and Selective Fire & Casualty Insurance
Company (SFCIC). The outlook assigned to all ratings is stable. Both
companies are headquartered in Branchville, NJ.
SCIC and SFCIC are newly formed subsidiaries of Selective Insurance
Group, Inc. (NASDAQ: SIGI) and were established to facilitate a more
flexible tiered pricing structure in New Jersey.
The ratings assigned to SCIC and SFCIC reflect the explicit support
provided by Selective Insurance Company of America in the form of
an intercompany pooling agreement, which became effective July 1,
2012. This pooling agreement was executed following the receipt of
regulatory approval.
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a
comprehensive explanation of A.M. Best's rating process and contains the
different rating criteria employed in the rating process. Key criteria
utilized include: "Risk Management and the Rating Process for Insurance
Companies"; "Insurance Holding Company and Debt Ratings"; "Rating New
Company Formations"; "Catastrophe Analysis in A.M. Best's Ratings"; "The
Treatment of Terrorism Risk in the Rating Evaluation"; "Understanding
BCAR for Property/Casualty Insurers"; and "Rating Members of Insurance
Groups." Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS
RESERVED.
A.M. Best Co.
Brian O?Larte, 908-439-2200, ext. 5138
Senior
Financial Analyst
brian.o'larte@ambest.com
or
Jennifer
Marshall, 908-439-2200, ext. 5327
Managing Senior Financial
Analyst
jennifer.marshall@ambest.com
or
Rachelle
Morrow, 908-439-2200, ext. 5378
Senior Manager, Public
Relations
rachelle.morrow@ambest.com
or
Jim
Peavy, 908-439-2200, ext. 5644
Assistant Vice President,
Public Relations
james.peavy@ambest.com
© Business Wire 2012
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