AM Best Assigns Credit Ratings to Southlake Specialty Insurance Company and Westlake Specialty Insurance Company
04 Mayo 2021 - 1:40PM
Business Wire
AM Best has assigned a Financial Strength Rating of A-
(Excellent) and a Long-Term Issuer Credit Rating of “a-” to
Southlake Specialty Insurance Company (SSIC) and its subsidiary,
Westlake Specialty Insurance Company. The outlook assigned to these
Credit Ratings (ratings) is stable. Both companies are domiciled in
Westlake, TX, and collectively are referred as Southlake.
The ratings reflect Southlake’s balance sheet strength, which AM
Best assesses as very strong, as well as its adequate operating
performance, limited business profile, appropriate enterprise risk
management and the execution risk faced by any startup
organization.
The ratings also consider Southlake’s excellent projected
risk-adjusted capitalization and sound business strategy, which
capitalizes on Southlake’s expertise in the commercial auto
insurance market segment. Southlake will operate as a fronting
insurer; SSIC will operate on an excess and surplus basis, with
Westlake providing admitted paper when needed and for specific
geographic and product lines. Business will be generated initially
through its affiliation with NTA Underwriters as Southlake expands
its relationships with unaffiliated MGAs. Southlake’s senior
management team has extensive experience and a solid track record
in the commercial auto marketplace. AM Best believes this
experience, as well as management’s relationships with distribution
sources, will be key to Southlake quickly gaining traction in its
targeted market.
Southlake expects to begin operations in the second quarter of
2021.
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.
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 © 2021 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Elizabeth Blamble Senior Financial Analyst +1
908 439 2200, ext. 5603 elizabeth.blamble@ambest.com
Jennifer Marshall, CPCU, ARM Director +1 908
439 2200, ext. 5327 jennifer.marshall@ambest.com
Christopher Sharkey Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Jim Peavy Director, Communications +1 908 439
2200, ext. 5644 james.peavy@ambest.com