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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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