1 December 2016 Insurance

AM Best adds nine to list of impaired insurers in the US

Rating agency AM Best has added nine insurers to its 2015 list of impaired insurers in its latest update on the long-term impairment rates of AM Best rated US-domiciled insurance companies.

The group includes eight property/casualty insurers and one life insurer.

The nine insurers are Polish Women's Alliance of America, Affirmative Insurance Company, Lumbermen's Underwriting Alliance, Regis Insurance Company, Millers Classified Insurance Company, ALICOT Insurance Company, Lincoln General Insurance Company, Affirmative Insurance Company of MI and National Contractors Ins Co.

The nine impairments are four more than the number of impairments reported in 2014.

AM Best designates an insurer as a financially impaired company upon the first official regulatory action taken by an insurance department.

Such state actions include involuntary liquidation because of insolvency as well as other regulatory processes and procedures such as supervision, rehabilitation, receivership, conservatorship, a cease-and-desist order, suspension, license revocation, administrative order, and any other action that restricts a company’s freedom to conduct its insurance business as normal.

AM Best's latest special report on the long-term impairment rates of AM Best-rated US-domiciled insurance companies presents more granular impairment statistics associated with Best's Credit Ratings in order to further enhance transparency.

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