“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 Upgrades Credit Ratings of Aspire General in California *Centurion Insurance AFS*

Feb 26, 2024 (0) comment , , , , , , , ,

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AM Best upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of Aspire General Insurance Co. in Rancho Cucamonga, California.

The outlook of these ratings has been revised to stable from positive, reflecting Aspire General’s balance sheet strength, which AM Best assessed as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The rating upgrades reflect Aspire General’s improved underwriting and operating performance over a five-year period, largely driven by management’s numerous initiatives to enhance profitability, namely the termination of agencies with poor performance and the implementation of rate increases, according to AM Best.

AM Best said the company is technologically advanced for its size and utilizes predictive analytics in its decision-making with a heavy emphasis on managing loss frequency, and ownership has contributed capital to Aspire General in recent years to support new business growth and are willing to make additional contributions when warranted in the future.

Partially offsetting the positive factors are Aspire General’s above-average underwriting leverage, limited scale of operations and high reinsurance dependence, according to AM Best. The elevated underwriting leverage has been impacted by significant premium growth primarily driven by policy growth and the implementation of rate increases on its Savings and Advantage products, the ratings agency said.

“Overall, the company has faced some challenges in the current California environment for non-standard automobile line driven by economic conditions, significant price competition and adverse selection from large personal automobile writers with greater scale and pricing granularity,” AM Best said in a release. “However, the company relies on its experienced management team and highly rated reinsurers to manage its risks and remain profitable.”

Topics
California
AM Best

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