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A.M. Best Assigns Ratings to United Contractors Insurance Company Inc., A RRG CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., July 12, 2010—A.M. Best Co. has assigned a financial strength rating of B+ (Good) and issuer credit rating of “bbb-” to United Contractors Insurance Company, Inc., A RRG (UCIC) (District of Columbia). The outlook for both ratings is stable. The ratings reflect UCIC’s adequate capitalization as measured by Best’s Capital Adequacy Ratio (BCAR), its thorough business plan and experienced management team. Other positive rating factors are UCIC’s hands-on claims handling procedures as well as its niche insuring contractors and artisans. Partially offsetting these factors are the company’s geographic concentration as well as the risks associated with a young business. UCIC has met more stringent requirements for a new company formation. Its ratings reflect its ability to meet higher capitalization requirements, which mandate a more conservative level of risk-based capital to support its ratings. A.M. Best will continue to monitor UCIC on a quarterly basis. 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 ### |
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