A.M. Best Company

06/10/2021 | Press release | Distributed by Public on 06/10/2021 11:01

AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of The Gray Casualty & Surety Company

JUNE 10, 2021 12:41 PM (EDT)

AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of The Gray Casualty & Surety Company

CONTACTS:

Christine DePalma
Financial Analyst
+1 908 439 2200, ext. 5649
[email protected]

Raymond Thomson, CPCU, ARe, ARM
Associate Director
+1 908 439 2200, ext. 5740
[email protected]

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected]

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
[email protected]

FOR IMMEDIATE RELEASE

OLDWICK - JUNE 10, 2021 12:41 PM (EDT)
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of The Gray Casualty & Surety Company (GCSC) (Metairie, LA). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect GCSC'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 ratings were placed under review with developing implications following the announcement that a group of investors led by Bernhard Capital Partners Management, LP entered into an agreement to make a significant investment in GCSC. The ratings actions follow the completion of the agreement and subsequently, AM Best's assessment of the financial and operational impacts of the partnership, discussions with management and evaluation of the implications for GCSC going forward.

The stable outlooks reflect AM Best's expectation that GCSC will maintain very strong balance sheet strength and profitable operating results over the intermediate term.

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 media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.

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.