AM Best Affirms Performance Assessment of Amwins Group’s Affiliates

NOVEMBER 04, 2024 02:54 PM (EST)

AM Best Affirms Performance Assessment of Amwins Group's Affiliates

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FOR IMMEDIATE RELEASE

OLDWICK - NOVEMBER 04, 2024 02:54 PM (EST)
AM Best has affirmed the Performance Assessment (assessment) of PA-1 (Exceptional) of a group of seven affiliates of Amwins Group (Amwins). These affiliate companies are assessed on a consolidated basis under Amwins and domiciled in Charlotte, NC. The outlook of the assessment is stable. (See below for a detailed list of the affiliate companies.)

This assessment reflects Amwins' exceptional underwriting capabilities, exceptional governance and internal controls, excellent financial condition, exceptional organizational talent, and exceptional depth and breadth of relationships.

In AM Best's view, these seven affiliated companies exhibit several common traits and are regarded as strategically and financially important to Amwins' ability to provide and distribute specialty insurance products throughout the United States.

The delegated underwriting authority enterprise (DUAE) entities within Amwins have a track record of exceptional underwriting performance with generally favorable loss ratios and profitable business across each operating entity. The size and scope of Amwins allow it to employ underwriters across multiple locations within its geographic footprint, resulting in greater control and efficiency. Amwins' underwriting technology solutions are developed to satisfy unique risk-level data attribution and pricing across the group's diverse property and casualty programs.

AM Best considers Amwins' governance and internal controls to be exceptional. The group's policies and procedures support an alignment of interests with its capacity providers, retail and broker partners, policyholders, as well as internal stakeholders. Amwins' governance system includes extensive internal and external oversight of service metrics, data analytics, information security, disaster recovery, business continuation and regulatory monitoring. A core operating platform, a robust team of support staff, and a well-defined integration roadmap support integration of new partners into Amwins.

AM Best considers Amwins' financial condition to be excellent. Amwins' audited financial results show a track record of profitable operations with strong income sources. The group is supported by shareholders who are committed to its long-term success. AM Best expects that Amwins will continue to produce steady growth in direct premiums written and revenue.

Senior leadership at Amwins is tenured and exceptionally knowledgeable. The group is also committed to developing emerging talent through a variety of education and training programs that focus on a wide set of skills. Amwins emphasizes the importance of entrepreneurial and cultural stewardship within the organization. Individual DUAEs are encouraged to take control over their service and results, and there is a heavy reliance on local underwriting expertise and relationships.

AM Best assesses Amwins' depth and breadth of relationships as exceptional. The group's diverse and long-standing relationships with its carrier partners are considered a strength. Amwins maintains a well-rounded portfolio of programs across a range of risk groups and geographies. Supported by the group's infrastructure, Amwins' operating entities benefit from unparalleled access to internal and external distribution networks.

The following Amwins Group affiliates constitute the Performance Assessment of PA-1 (Exceptional) with a stable outlook:

· Amwins Access Insurance Services, LLC

· Amwins Digital Insurance Services, LLC

· The American Equity Underwriters, Inc.

· Amwins Program Underwriters, Inc.

· Amwins Special Risk Underwriters, LLC

· Amwins National Transportation Underwriters, Inc.

· Amwins Specialty Casualty Solutions, LLC

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 pertinent 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 additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

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 over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.