OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of New York Marine and General Insurance Company (New York, NY) and its wholly owned subsidiaries, Gotham Insurance Company (New York, NY) and Southwest Marine and General Insurance Company (Scottsdale, AZ) (collectively referred to as ProSight Specialty Group). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of ProSight Global, Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect ProSight Specialty Group’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect the group’s supportive risk-adjusted capitalization, strong niche market position in its core specialty lines of business and generally favorable long-term loss ratio that compares favorably with the composite. The ratings further recognize the strength of the senior management team, and the progress the team has made in improving the group’s core operating results since 2017.
In addition, management has committed itself to improving underwriting performance, as demonstrated by its active management of niches through market cycles. Finally, the management team continues to exhibit strong expertise in their core niche markets. These positive rating factors are partially offset by the group’s elevated underwriting leverage ratios relative to the composite.
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