“Our office is available 24 hours, 7 Days a week. Post Coronavirus, we mainly operate remotely and we are available in our office by appointment. We have several representatives available to take care of your needs however we understand the need to sometimes come into our place of business in order for you to meet with one of our Protection Specialists and discuss your concerns. We highly value the person to person relationship and are readily available to meet with you in person”.
888-995-6019 Office No Ext. 813-995-6013 x 101 Direct.
Email: info@centurioninsuranceafs.com

AM Best Puts Pie Insurance’s Ratings Under Review With Negative Implications *Centurion Insurance AFS*

Mar 11, 2024 (0) comment , , , , , , , , ,

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AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of The Pie Insurance Company and its pooled affiliate, Pie Casualty Insurance Company collectively referred to as Pie Insurance Group.

The credit rating action follows the organization’s 2023 results, AM Best said. The Columbus, Ohio-based insurer experienced material underwriting losses brought on by adverse reserve development in its New York book of business.

“The magnitude of the development is concerning and has had an adverse impact on Pie’s risk-adjusted capital position,” AM Best said.

Management is implementing strategic initiatives to address the decline in its risk-adjusted capital. The ratings will remain under review until these initiatives have been executed. The negative implications point to the fact that, should management fail to execute on these initiatives, the ratings could be negatively impacted.

AM Best said it will will closely monitor the progress of these capital initiatives and their potential impact on Pie’s ratings.

The ratings reflect Pie’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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