Concert Insurance Group (Concert) has announced that AM Best has assigned an “A-” (Excellent) rating with a stable outlook to Indigo Risk Retention Group, Inc. (Indigo RRG).
This rating comes after Indigo RRG received a Preliminary Credit Assessment from AM Best in August. The ratings are a result of Indigo RRG being part of the Concert family, which contributes to a robust consolidated balance sheet strength rated as “very strong” by AM Best.
Additionally, the ratings take into account its adequate operating performance, limited business profile and appropriate enterprise risk management.
Indigo RRG operates as a risk retention group, a structure known for its speed to market, flexibility, and efficiency in underwriting medical professional liability insurance.
This development is made possible through Concert’s sponsorship of Indigo RRG, allowing it to gain membership in Concert’s rating unit, the company said.
As a rating unit member, Concert will not only provide initial capital but also offer invaluable board oversight. Additionally, Indigo RRG benefits from a robust reinsurance program, providing essential support, the company added.
“From its inception, Concert’s mission has been to establish innovative risk solutions as well as synergistic partnerships tailored to meet the needs of our clients. Indigo RRG is a compelling example of delivering on our mission and of the productive relationship that we’ve established with Indigo’s management team. It’s also reflective of an exceptional effort by the Concert team to deliver a bespoke solution to a valued client,” Concert’s CEO, John Hendrickson, stated.
Strategic Risk Solutions (SRS), an independent insurance company manager, is set to offer regulatory management services to Indigo RRG.
“The opportunity to invest in Indigo’s risk retention group came to us through SRS, one of Concert’s founders, and is indicative of the manner in which we envisioned our relationship with SRS would lead to attractive business opportunities,” Hendrickson remarked.
