OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Westfield Specialty Insurance Company (Westfield Specialty). The outlook assigned to these Credit Ratings (ratings) is stable. This company is a newly added member of Westfield Group (Westfield). All members are wholly owned subsidiaries of Ohio Farmers Insurance Company (Ohio Farmers), the ultimate parent.
The ratings reflect Westfield Specialty’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings of the members of Ohio Farmers are being extended to Westfield Specialty given the explicit support provided through a pooling arrangement. The operations of the new subsidiary are fully integrated with the other pooled members of the group. Westfield Specialty will provide flexible nonstandard product underwriting opportunities to new and existing commercial customers.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Contacts
Jeffrey Stary, CPCU, Are, ARM
Financial Analyst
+1 908 439 2200, ext. 5689
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Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com
Christopher Sharkey
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Jim Peavy
Director, Communications
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james.peavy@ambest.com