Insurance company

AM Best revises outlook to positive for ShelterPoint Insurance Company and ShelterPoint Life Insurance Company

OLDWICK, New Jersey, November 03, 2022–(BUSINESS WIRE)–AM Best revised the outlook from stable to positive and affirmed ShelterPoint Insurance Company (SPI) (West Palm Beach, FL) and ShelterPoint Life Insurance Company (SPL) (Garden City, NY). These companies are collectively referred to as ShelterPoint Life Group.

These credit ratings (ratings) reflect the strength of SPL’s balance sheet, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate management of business risks.

The positive outlook reflects growth in ShelterPoint’s paid family leave and short-term disability businesses, as well as its growing net income, while remaining within the highest level of risk-adjusted capitalization, as measured by the ratio capital adequacy ratio (BCAR). ShelterPoint’s operating performance showed significant premium revenue growth, driven by the company’s strong position as the market leader in paid family leave and short-term disability coverage in the New York State.

The company’s business profile has also grown as ShelterPoint begins to enter new geographic markets as opportunities arise. The company’s flexibility and ability to pivot, along with management’s execution of overall strategy, generated strong earnings on an operating and net basis. Overall, AM Best expects ShelterPoint’s balance sheet to remain very strong, driven by a conservative investment strategy, strong cash flow and sustained organic earnings.

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 Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

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 www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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