Due to the Coronavirus, our office will be operating remotely in order to keep our staff free from infection. For latest update on the virus as it pertains to Florida please access our link. Office: 813.995.6013 Ext: 101 / Direct: 727.755.3060 Email: info@centurioninsuranceafs.com

AM Best Upgrades Credit Ratings of United Frontier Mutual, New Member of Allegany *Centurion Insurance AFS*

Feb 23, 2024 (0) comment , , , , , , , , , ,


AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of United Frontier Mutual Insurance Co., which is headquartered in Lockport, New York.

At the same tine the ratings firm said the outlook of these ratings has been revised to negative from stable.

AM Best said the upgraded ratings reflect United Frontier’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrade and revised outlook for United Frontier reflects its integration as a newly added group member of Allegany Insurance Group, AM Best said. In 2023, United Frontier entered into an affiliation agreement with Allegany and more recently, effective Jan. 1, 2024, an inter-company pooling agreement was successfully executed between both members of Allegany: Allegany Co-op Insurance Co. and Conemaugh Valley Mutual Insurance Co., as well as United Frontier.

AM Best Issues Negative Oulook for Allegany-Conemaugh Group

AM Best said these actions are expected to “enrich Allegany’s product offerings” in New York, particularly in the medium-to-large size commercial lines segment.

Additionally, through the agreement, Allegany provides services to United Frontier, including but not limited to marketing, agency support, human resources capabilities, reinsurance support and governance/risk management tools. AM Best said it expects that the shared resources will evoke additional financial, operational, and strategic capabilities for the group; however, it said it will continue to closely monitor Allegany’s results over the near-term “given the negative pressure on the strong operating performance assessment.”

United Frontier writes fire, farmowners, homeowners, commercial multi-peril and inland marine lines of business. United Frontier distributes its policies through independent agents.

AM Best

The most important insurance news,in your inbox every business day.

Get the insurance industry’s trusted newsletter


Source link

Comment (0)

Leave a Comments