A.M. Best Upgrades Ratings of AmFirst Insurance Company and Monitor Life Insurance Company of New York
A.M. Best has upgraded the financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit ratings (ICR) to “a-” from “bbb+” of
AmFirst Insurance Company (AmFirst) (Oklahoma City, OK) and its wholly owned subsidiary, Monitor Life Insurance Company of New York
(Monitor Life) (Utica, NY). The outlook for each rating is stable. Additionally, A.M. Best has also assigned the FSR of B++ (Good) and the ICR of “bbb+” to
TPM Life Insurance Company (TPM) (Lancaster, PA), a wholly owned subsidiary of AmFirst. The outlook assigned to each rating is stable.
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A.M. Best Upgrades Rating of Monitor Life Insurance Company
A.M. Best Co. has upgraded the financial strength rating to B++ (Good) from B+ (Good) and issuer credit ratings to "bbb" from "bbb-" of AmFirst Insurance Company (AmFirst) (Oklahoma City, OH) and its wholly-owned subsidiary, Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY). The outlook for all ratings is stable.
The upgrading of the ratings reflects AmFirst's consistent growth in capital, as displayed by its solid risk-adjusted capitalization, as well as the positive earnings stream and expanded geographic and product diversification. The AmFirst group also benefits from a well established and growing medical gap plan niche market.
Monitor Life's ratings are bolstered by the implicit and explicit support of AmFirst, including the capital contribution it received in 2011, which allowed for Monitor Life to grow its capital, as well as AmFirst's commitment to allow Monitor Life to grow its capital in the future through retained earnings. A.M. Best expects AmFirst and Monitor Life to maintain operating stability through positive premium growth trends and organic capital growth via continued earnings expansion going forward. A.M. Best also believes that AmFirst's acquisition of Monitor Life has created opportunities for product and market expansion in Monitor Life's geographic areas and has provided an additional vehicle for the group to expand its profitability.
A.M. Best believes AmFirst and Monitor Life are well positioned at their current ratings.
Posted 04.24.2012 in Oldwick, NJ
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