AM Best Revises Outlooks to Stable for Commonwealth Contractors Group Self-Insurance Association

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” of Commonwealth Contractors Group Self-Insurance Association (CCGSIA) (Midlothian, VA).

The ratings reflect CCGSIA’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The outlook revision to stable reflects reduced volatility in the company's operating performance since 2015.

CCGSIA was established with the specific objective of providing a stable, profitable workers’ compensation market for contractors and other construction-related accounts in Virginia. Through the use of sound risk management and loss control programs, as well as maintaining a low operating overhead, CCGSIA has been able to offer its members significant dividends and stable premium rates. CCGSIA is very discretionary in admitting new insured members and requires firms to be financially sound and able to demonstrate effective safety programs with good loss records. Furthermore, insureds must maintain good loss experience to receive dividends and maintain membership in the program.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts:

Fred Eslami
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com

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