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 of "a-" (Excellent) of ShelterPoint Insurance Company (SPI) (West Palm Beach, FL) and ShelterPoint Life Insurance Company (SPL) (Garden City, NY). These companies are collectively referred to as ShelterPoint Life Group.
These Credit Ratings (ratings) reflect SPL'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 positive outlooks reflect ShelterPoint's growing Paid Family Leave and Short-Term Disability lines of business, as well as its increasing bottom line, while remaining within the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). ShelterPoint's operating performance has exhibited significant growth in top line premium, driven by the company's solid foothold as the market leader in Paid Family Leave and Short-Term Disability coverage in New York State.
The company's business profile has also expanded as ShelterPoint begins entering new geographic markets when opportunities arise. The company's flexibility and ability to pivot, as well as management's execution of the overall strategy has led to strong earnings on an operating and net basis. Overall, AM Best expects ShelterPoint's balance sheet to remain very strong, driven by a conservative investment strategy, strong cash flows and sustained organic earnings.
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
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