The decline that occurred to the Anchor General Insurance Company was experienced in some categories, first the Financial Strength Rating (FSR) which got B + + to B +, and the second was the Long-Term Issuer Credit Rating (Long-Term ICR) which originally had a score pretty good, bbb and down to bbb-.
The decline that occurred in Anchor General Insurance ended negative. Unfortunately this decline does not occur in this company alone but also happened to the subsidiary of Pacific Star Insurance Company (Pacific Star). The decline for FSR becomes B + and Long-Term ICR becomes bbb-.
The decrease in rankings that occur in the Anchor General is due to several things, occurring due to the recent decline in underwriting results, operating performance, the law’s surplus and risk-adjusted capitalization.
This downturn is also supported by the influx of business growth just valuing its business, Trend loses non-standard private California passengers that not bring any benefit and Texas storm losses.
Actually the stable rating becomes ugly received by Pacific Star due to the effect that occurs on the parent company.
Anchor General Insurance Company continues to maintain risk-adjusted capitalization, while surviving more than 5 years of recent fluctuations in premiums and surpluses.
Management has recently sought to implement various remedial measures and strategies that could benefit the company, including rate changes, agency management and risk mitigation initiatives. Moreover, the company also received $ 3.5 million in capital assistance from its parent to support the growth in net premiums written in 2015.
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