AM Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of ‘a-‘ (Excellent) to Vantage Risk Specialty Insurance Company (Vantage Risk) (Chicago, IL), along with a rating outlook of stable.
Vantage Risk is a newly added member to Vantage Group Holdings and writes excess and surplus (E&S) lines for the greater group.
Vantage Group Holdings acquired Vantage Risk as part of its plans to expand its E&S operations and is still in the process of hiring some key executive positions for primary insurance lines.
However, of the executive staff already recruited, many have experience managing similar types of operations at other large companies, AM Best notes.
The group has also injected roughly $85 million in the E&S carrier, bringing its total capitalization to $100 million, and the unit is expected to benefit further from the common management, branding and financial flexibility of the greater Vantage Group Holdings.
Explaining its rating decisions, AM Best said they reflect Vantage Risk’s balance sheet strength, which is classed as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
