AM Best has upgraded the credit ratings of Transverse Specialty Insurance Company (Wilmington, DE), Transverse Insurance Company (Dallas, TX) and TRM Specialty Insurance Company (Indianapolis, IN), which collectively are referred to as Transverse Insurance Group.
The agency has also removed them from under review with positive implications.
The insurer and its group members now hold a Financial Strength Rating of A (Excellent), which previously was A- (Excellent). It’s Long-Term Issuer Credit Ratings are now “a” (Excellent), upgraded from “a-” (Excellent).
According to AM Best, the outlook assigned to Transverse and its group members’ credit ratings is stable.
The agency noted that the ratings reflect Transverse’s balance sheet strength, which Best assesses as very strong.
These upgrades also reflect Transverse’s adequate operating performance, as described by Best, as well as its limited business profile and appropriate enterprise risk management (ERM).
Further, according to Best, the rating upgrades also reflect the role that Transverse will have going forward following its recent acquisition by Mitsui Sumitomo Insurance Company, Ltd. (MSI), which was completed at the beginning of the year.
Lastly, the agency noted that the rating action also considers the level of integration between Transverse and MSI, and various agreements in place between the companies.
Meanwhile, Best recently downgraded the the Long-Term Issuer Credit Rating of MS Amlin AG. (MS Reinsurance).
