AM Best Affirms Performance Assessment of Cargo Risk Corporation
02 Julio 2024 - 10:04AM
Business Wire
AM Best has affirmed the Performance Assessment
(assessment) of PA-3 (Strong) of Cargo Risk Corporation (Cargo
Corp) (Miami, FL). The outlook of the assessment is stable.
The assessment reflects Cargo Corp’s strong underwriting
capabilities, strong governance and internal controls, strong
financial condition, strong organizational talent and strong depth
and breadth of relationships.
Cargo Corp is a managing general agent (MGA) specializing in
providing capacity for marine cargo lines in the Latin American
market. Since writing its first program in 2015, Cargo Corp has
proven its underwriting expertise by producing profitable business
for its carrier partners. Cargo Corp’s underwriting capabilities
further benefit from its experienced underwriting staff. Embedded
in the underwriting process is the use of an internal and
proprietary software system that provides the company with detailed
assessments of risk and real-time feedback for insureds with
potential exposures. The limited track record of several of the
company’s programs is considered a partially offsetting factor.
Cargo Corp’s governance and internal controls are strong given
its size and scale. Cargo Corp has designed and implemented a
robust internal audit process to ensure that the company’s policies
and procedures align with its strategic objectives. The company has
an experienced board of directors that features internal and
external members. Key person risk exists, but processes are in
place to moderate the impact should an issue occur.
Cargo Corp’s financial condition is supported by a trend of
consistently profitable earnings and continued positive net worth.
AM Best will continue to closely monitor the company’s performance
during this growth phase. Stability of income benefits from the
range of programs underwritten by the company. The company is
privately held, and all insurance risk is placed outside the
organization.
The company is staffed more than appropriately for its size and
scale with extensive industry experience in marine cargo. Its
organizational structure is compact for ease of communication and
efficient work processes. Many processes are retained in-house to
ensure consistency and provide flexibility. While Cargo Corp has
faced turnover in the last few years, the company has continued to
grow its underwriting and overall staff.
Cargo Corp’s portfolio of programs has progressed since its
founding. The company offers a range of programs in its target
market of marine cargo and affiliated coverage in Latin America.
Management continues to monitor growth opportunities in new
markets, as well as maintain relationships with well-rated capacity
providers.
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.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240702029622/en/
Yizhou Hong Senior Financial Analyst +1 908 882
1692 yizhou.hong@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Edin Imsirovic Director +1 908 882 1903
edin.imsirovic@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com