Newark, New Jersey (PRWEB) November 07, 2014
A.M. Best has lifted the IFIC Group out from under review and has affirmed its A.M. Best rating of A- (Excellent). The November 6, 2014 A.M. Best press release regarding this affirmation states: “The affirmation of the ratings reflects the group’s strong capitalization, solid underwriting results and expertise in its niche….” Their press release goes on to say: “… the group’s underwriting results have remained consistently profitable over a 10-year period, producing positive operating returns.”
The negative outlook assigned to the rating reflects the need for IFIC to more fully develop and implement an enterprise risk management program and produce long term returns that better reflect its A.M. Best peer composites. IFIC Management is confident it will meet or exceed expectations in these areas.
IFIC Management expected A.M. Best would affirm the rating after its review. IFIC’s CEO, Robert Minster, states: “We are pleased to have our A.M. Best rating reaffirmed at A- (Excellent.) Our underwriting and claims management teams take pride in their consistently responsive operations, which is why our agents and bonded principals have seen no change in their experience in doing business with IFIC while under review. On behalf of our shareholders, I thank our reinsurers, employees and agents across the country for their long-term, valuable support. The relationships of our agents, underwriters and claim handlers are why IFIC has remained profitable and maintained its writings during the last eight months. It is exciting to move forward with our rating affirmed as the company approaches its 110 year anniversary next month.”
Headquartered in Newark, New Jersey, International Fidelity Insurance Company is the largest privately owned, independent mono-line regulated insurance company in the United States specializing in surety. For more information visit our website: http://www.ific.com