AM Best Assigns Performance Assessment to Excess Reinsurance Underwriters Inc.
AM Best has assigned a Performance Assessment of PA-2 (Excellent) to Excess Reinsurance Underwriters Inc. (Excess Re) (Woodbury, NJ). The outlook assigned to the Performance Assessment (assessment) is stable.
The assessment reflects Excess Re's excellent underwriting capabilities, excellent governance and internal controls, excellent financial condition, excellent organizational talent and strong depth and breadth of relationships.
Excess Re provides specialized medical stop loss coverage to a variety of businesses and governmental entities across the United States and its underwriting performance is considered excellent through the current year. The company's underwriting capabilities are further strengthened by its focus on risk selection, product offerings and an experienced executive team. Excess Re has a well-developed proprietary underwriting system that is capable of full-scale service for a policy life cycle that allows for customization and implementation of new or expanded coverage options.
AM Best considers Excess Re's governance and internal controls to be excellent. Excess Re has a proven alignment of interests given its uniquely positioned relationship with sister company, Argo Capital Group Ltd. Excess Re has a detailed strategic vision designed to support the creation and administration of innovative insurance products for its niche market.
Excess Re's financial condition is assessed as excellent. The company has a record of profitable operations supported by stable sources of income and positive cash flow. Results have remained consistent through the life of the company while continuing to seek growth opportunities. The company's financial condition also benefits from its parent company, National Financial Partners, which provides further structure and support.
AM Best assesses Excess Re's organizational talent as excellent based on the executive team's extensive experience within its niche expertise. The organization's focus on training and growth from within has translated into a long-tenured team at the company.
Excess Re's depth and breadth of relationships is considered strong. The company has proven their ability to maintain stable relationships with its carrier partners. Excess Re's value is derived more from its expertise and access to business rather than program diversification. While Excess Re has a national market reach, the number of relationships is viewed as a limiting factor.
This press release relates to Performance Assessments that have been published on AM Best's website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best's website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best's Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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