The Insurance Carrier’s Financial Strength Rating of A, however, was reaffirmed
A.M. Best recently announced that it has revised the outlook of the Concord Group Insurance Pool from stable to negative. The ratings organization says that the revised outlook reflects Concord’s continued unprofitable underwriting results, particularly evident in 2011. The Concord Insurance Group Pool is made up of the Concord General Mutual Insurance Company, Green Mountain Insurance Company, Inc., State Mutual Insurance Company, Sunapee Mutual Fire Insurance Company and Vermont Accident Insurance Company, Inc. All of the companies are headquartered in Concord, N.H.
“Concord continues to maintain a strong risk-adjusted capital position due to its modest underwriting leverage and the mitigation of its catastrophe weather exposure from a severity perspective through the use of a comprehensive reinsurance program. Concord’s established present in New England enables it to be one of the leading writers of personal lines insurance in that region. Over several years, management continuously implemented underwriting, pricing and coastal mitigation strategies designed to improve its underwriting profitability.”
A.M. Best, however, does not rule out further downward rating movement if Concord continues to be unable to improve its profitability.
