A.M. Best Co. has assigned a financial strength rating (FSR) of A (Excellent) and issuer credit rating (ICR) of "a" to Associated Industries Insurance Company, Inc. (AIIC) (Boca Raton, FL). The outlook assigned to both ratings is stable.
These rating actions reflect AIIC's intercompany reinsurance agreement with affiliates of AmTrust Group (AmTrust) (New York, NY). The ratings also recognize the financial support and flexibility provided by AmTrust's publicly traded parent company, AmTrust Financial Services, Inc. (AFSI) (headquartered in New York, NY) [NASDAQ:AFSI].
In June 2010, A.M. Best upgraded the FSR to A (Excellent) from A- (Excellent) and the ICRs to "a" from "a-" of AmTrust and its members. Those rating actions were based on the group's solid balance sheet strength, sustained operating performance within its niche market segments and the benefits derived from AFSI, including AFSI's commitment to maintain sufficient capital as well as to provide access to additional capital should it be needed to support AmTrust's operations.