AM Best Revises Issuer Credit Rating Outlook to Positive for Genesee Patrons Cooperative Insurance Company

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and a Long-Term ICR of “bbb” of Genesee Patrons Cooperative Insurance Company (Genesee) (Batavia, NY). The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect Genesee’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The revised Long-Term ICR outlook to positive reflects sustained improvement to Genesee’s balance sheet strength, reflective of the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and organic surplus growth over the past five years. Additionally, the company’s strong balance sheet strength reflects the overall solid liquidity measures that are enhanced by positive underwriting and operating cash flows, and its stable loss reserving trends as the company generally reported favorable development on most calendar and accident years. However, partially offsetting the positive factors is the company’s elevated equity position in the investment portfolio that generates high common stock leverage, which leaves surplus susceptible to stock market volatility. Furthermore, Genesee has limited financial flexibility and scale of operations. The company’s business profile is limited due to the product offerings as a single-state property insurer and geographic concentration in New York.

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 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 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. For more information, visit

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Adib Nassery
Senior Financial Analyst
+1 908 439 2200, ext. 5205

Brian O’Larte
+1 908 439 2200, ext. 5138

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