A.M. Best Company
11/03/2022 | Press release | Distributed by Public on 11/03/2022 08:38
AM Best Revises Outlooks to Positive for FHM Insurance Company
NOVEMBER 03, 2022 10:37 AM (EDT)
AM Best Revises Outlooks to Positive for FHM Insurance Company
CONTACTS:
|
Kourtnie Beckwith, CPCU, AU, AMIM Financial Analyst +1 908 439 2200, ext. 5124 [email protected]
Dan Teclaw |
Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 [email protected]
Al Slavin |
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 03, 2022 10:37 AM (EDT)
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 FHM Insurance Company (FHM) (Jacksonville, FL).
The Credit Ratings (ratings) reflect FHM's balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).
The outlook revisions to positive reflect a prospective view that improvement in the company's ERM is taking hold with a degree of sustainability not recently demonstrated, as evidenced by continuous and foundational underwriting actions taken by management to improve the overall operating performance, accompanied by a supportive level of risk-adjusted capitalization. Improved operating performance would likely translate to further strengthening and growing the balance sheet given management's appropriate risk appetites and tolerances. FHM benefits from industry and product expertise, as well as a modest amount of financial flexibility derived from the recent purchase of control of FHM by a regional peer, LUBA Casualty Insurance Company.
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.