OLDWICK, N.J.--(BUSINESS WIRE)--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 Coverys Limited (COVL) (United Kingdom). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect COVL’s inclusion as a member company in rating unit Coverys Companies (Coverys), which has a consolidated balance sheet strength assessed as strongest, as well as marginal operating performance, a neutral business profile and appropriate enterprise risk management.
The ratings reflect COVL’s role as an indirect wholly owned subsidiary of Medical Professional Mutual Insurance Company (ProMutual), the lead company of Coverys. COVL benefits from explicit support it receives through the implementation of a quota share reinsurance agreement with ProMutual. Coverys intends to utilize COVL, once authorized as an insurer by the Prudential Regulatory Authority, as a continuation of the group’s strategy of supporting medical professional liability capacity and risk management programs placed in the London market including those which were provided previously through its Lloyds’ Syndicate 1975. Although most business written is expected to be U.S.-domiciled risks, it is accessed typically from the London market via specialist divisions of major London brokerage firms.
The ratings of established members of Coverys remain unchanged with an FSR of A (Excellent) and Long-Term ICRs of “a” (Excellent), each with a stable outlook.
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