A.M. Best Revises Outlook to Positive for Ratings of MGA Insurance Company, Inc. and GAINSCO, INC.
01 Februar 2010 - 9:38PM
Business Wire
A.M. Best Co. has revised the outlook to positive from
stable and affirmed the financial strength rating of B (Fair) and
issuer credit rating (ICR) of “bb+” of MGA Insurance Company,
Inc. (MGA) (Dallas, TX). Concurrently, A.M. Best has revised
the outlook to positive from stable and affirmed the ICR of “b” of
MGA’s publicly traded holding company, GAINSCO, INC.
(Dallas, TX) [NYSE Amex: GAN].
These rating actions recognize MGA’s enhanced risk-adjusted
capitalization and generally profitable operating results during a
period of challenging economic conditions. Historically, elevated
underwriting leverage was the result of MGA’s strategic business
development in the personal nonstandard automobile business;
however, premium growth has been tempered in recent years.
These rating factors are somewhat offset by MGA’s historically
unfavorable loss reserve development, although improvement has been
seen in recent periods, and its variable underwriting
performance.
For Best’s Credit Ratings, an overview of the rating process and
rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial and
health care service industries, including insurance companies,
banks, hospitals and health care system providers. For more
information, visit www.ambest.com.
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