AM Best Revises Outlooks For Core Specialty’s Subsidiaries To Positive

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AM Best Revises Outlooks For Core Specialty’s Subsidiaries To Positive

The Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of StarStone Specialty Insurance Company and StarStone National Insurance Company, both domiciled in Wilmington, DE, and collectively known as Core Specialty, have been confirmed by rating agency AM Best. The outlooks have also been changed from stable to positive.

According to AM Best, Core Specialty’s ratings take into account its very solid balance sheet, adequate operating performance, constrained business profile, and effective enterprise risk management (ERM).

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In addition, AM Best has confirmed that Lancer Insurance Company and Lancer Insurance Company of New Jersey, a division of Core Specialty, have an FSR of A- (Excellent) and a Long-Term ICR of “a-” (Excellent). These credit ratings have a stable outlook.

Both are headquartered in Long Beach, NY and collectively referred to as Lancer Insurance Group.

AM Best Revises Outlooks For Core Specialty’s Subsidiaries To Positive

Additionally, the ratings of Lancer Insurance Group reflect its balance sheet strength, which AM Best considers as very strong, in addition to its adequate operating performance, limited business profile and appropriate ERM.Overall, the optimistic outlooks reflect the consolidated Core Specialty group’s strengthening business profile, which has improved as a result of its expansion ambitions in 2021 and recent integration with Lancer Insurance Group.

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According to AM Best, Core Specialty has proven its capacity to find established and lucrative books of business while also maintaining a tight eye on KPI targets.

Despite contributing to the general Core Specialty approach, Lancer Insurance Group’s outlooks are stable because it hasn’t historically supported or contributed to the larger Core Specialty group.

AM Best Revises Outlooks For Core Specialty’s Subsidiaries To Positive

Jeff Consolino, President and Chief Executive Officer of Core Specialty, commented: “Core Specialty is proud of the recognition from AM Best and their change in outlook for the ratings of our StarStone insurance operating subsidiaries.

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“AM Best’s commentary on our balance sheet strength, operating performance, business profile, and enterprise risk management is evidence that we are delivering on our strategy. Core Specialty has the capital to take on risk, the underwriting talent in place, a proven and decisive leadership team, and a track record of making things happen. Collectively, and in each of our specialist niche business units, we operate with strong entrepreneurial spirit and drive, speed, agility, and empowered decision-making.”

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