AM Best Assigns Credit Ratings to Westfield Specialty Insurance Company

AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of a+ (Excellent) to Westfield Specialty Insurance Company (Westfield Specialty).

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, June 3, 2021
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Insurance, Professional services, Credit rating agencies, Credit, Credit rating, Rating, AM Best, Westfield, Massachusetts, Economy
Geotags: 
NEW JERSEY, Europe, United States, WESTFIELD, DUBAI, SINGAPORE, LONDON, HONG KONG, AMSTERDAM, MEXICO CITY
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Summary
Key Points: 
  • AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of a+ (Excellent) to Westfield Specialty Insurance Company (Westfield Specialty).
  • The ratings of the members of Ohio Farmers are being extended to Westfield Specialty given the explicit support provided through a pooling arrangement.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .


AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Westfield Specialty Insurance Company (Westfield Specialty). The outlook assigned to these Credit Ratings (ratings) is stable. This company is a newly added member of Westfield Group (Westfield). All members are wholly owned subsidiaries of Ohio Farmers Insurance Company (Ohio Farmers), the ultimate parent.

The ratings reflect Westfield Specialty’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings of the members of Ohio Farmers are being extended to Westfield Specialty given the explicit support provided through a pooling arrangement. The operations of the new subsidiary are fully integrated with the other pooled members of the group. Westfield Specialty will provide flexible nonstandard product underwriting opportunities to new and existing commercial customers.

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. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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