Insurance company

AM Best confirms credit ratings for insurance company First Guard

OLDWICK, NJ–(BUSINESS WIRE)–AM Best Affirmed Financial Strength Rating of A (Excellent) and Issuer Long-Term Credit Rating of “a+” (Excellent) from First Guard Insurance Company (First Guard) (Scottsdale, AZ). The outlook for these Credit Ratings (ratings) is stable. First Guard is a subsidiary of Biglari Holdings Inc. [NYSE: BH].

The ratings reflect First Guard’s balance sheet strength, which AM Best rates as the strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings reflect First Guard’s strongest risk-adjusted capitalization as measured by Best’s capital adequacy ratio (BCAR), supported by low underwriting and investment leverage, significant growth in surpluses over the past several years, consistently profitable and stable long-term operating performance and prudent underwriting discipline. . The ratings also reflect the company’s extensive expertise in the trucking physical damage market segment and a strong, experienced management team that is committed to crafting a geographically diverse business portfolio. Partly offsetting these positive rating factors is First Guard’s narrow product focus in the commercial automotive sector. First Guard’s ERM process focuses on risk identification and mitigation strategies with input from senior management and the board.

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 relevant 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 more information on the use and limitations of credit rating opinions, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best’s Credit Scores, Best’s Preliminary Credit Scores, and AM Best’s press releases, please see Guide to the Proper Use of Best Scores and Ratings.

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 more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

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