AM Best has kept its rating for commercial lines as stable. That’s much better news than a couple of weeks ago when AM Best rated personal lines as negative.
Alan Murray is an associate director at AM Best. He said the stable rating is mostly due to a very good underwriting performance in 2023.
“Pricing momentum remains positive for most classes of business, with the notable exception of workers’ compensation and certain management liability classes,” Murray said and noted, however, that workers’ compensation has the strongest underwriting performance in 2023.
AM Best expects the stable rating to continue going forward. The ratings firm says admitted carriers did very well in net premiums earned. And net written premiums written are also up.
There are — however — some worries. Best said there are worries about inflation, and there are domestic and geopolitical risks that could derail the stable rating down the road.
Source link: Insurance Journal — https://bit.ly/3NqgAYi