AM Best Revises Outlooks to Stable for New York Schools Insurance Reciprocal
Retrieved on:
Tuesday, May 17, 2022
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of a (Excellent) of New York Schools Insurance Reciprocal (NYSIR) (Uniondale, NY).
Key Points:
- AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of a (Excellent) of New York Schools Insurance Reciprocal (NYSIR) (Uniondale, NY).
- The affirmation of the Long-Term ICR reflects the change in NYSIRs business profile assessment to neutral from limited.
- Although the reciprocal provides multiple lines of coverage, partially offsetting positive attributes are the reciprocals mono-state concentration in New York and concentration in the school segment, which may create further headwinds for the reciprocal.
- AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.