|[December 21, 2012]
A.M. Best Revises Outlook to Positive for Issuer Credit Rating of Seven Seas Insurance Company, Inc.
OLDWICK, N.J. --(Business Wire)--
A.M. Best Co. has revised the outlook of the issuer credit rating
(ICR) to positive from stable and affirmed the financial strength rating
(FSR) of A (Excellent) and ICR of "a" of Seven Seas Insurance
Company, Inc. (Seven Seas) (Riviera Beach, FL). The outlook for the
FSR is stable.
The rating actions reflect Seven Seas' outstanding underwriting and
operating performance, excellent capitalization and the synergies gained
from its effective low-cost distribution platform and preferential
access to those it insures via the customer network of its affiliate,
Tropical Shipping and Construction Company Limited. Tropical Shipping is
one of the largest transporters of containerized cargo from the United
States and Canada to the Caribbean region and the Bahamas.
The ratings also acknowledge management's specialty underwriting
expertise within the ocean and inland marine cargo market, as well as
its strong client relationships, effetive loss control and risk
Seven Seas and Tropical Shipping are ultimately owned by AGL (News - Alert)
Resources, Inc. (AGL) [NYSE: GAS], a result of AGL's merger with
Nicor Inc., effective December 9, 2011. AGL, an Atlanta-based energy
services holding company, is one of the nation's largest natural gas
Positive rating actions could occur if the company can sustain the
outstanding underwriting and operating results and excellent
risk-adjusted capitalization. Negative rating actions could occur if
capitalization and/or operating performance fall markedly short of A.M.
Best's expectations, including a significant deterioration in loss
trends, and unforeseen changes in its existing operations and/or
The methodology used in determining these ratings is Best's Credit
Rating Methodology, which provides a comprehensive explanation of A.M.
Best's rating process and contains the different rating criteria
employed in the rating process. Best's Credit Rating Methodology can be
found at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS
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