AM Best Downgrades Credit Ratings of Westminster American Insurance Company; Maintains Under Review With Negative Implications Status
The ratings reflect WAIC’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 (ERM).
WAIC’s ratings were downgraded primarily as a result of its removal from the
Consequently, WAIC’s business profile assessment was lowered to limited from neutral. The company is concentrated from a product standpoint predominately writing commercial property risks in several mid-
The ratings will remain under review with negative implications until AM Best can assess WAIC’s prospective financial and operational plans under new ownership. The company is expected to begin reporting its own results apart from the pool in the third quarter of 2024. Should WAIC’s future results and/or business plan on a standalone basis, independent of the pool, not be consistent with its current rating, the negative implications could result in additional downgrades.
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 .
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Source: AM Best