AM Best is reviewing the California Seismological Commission's issuer credit rating outlook to stable

OLDWICK, N.J., Feb. 15, 2024–(BUSINESS WIRE)– AM Best has revised the outlook to stable from negative on its Long-Term Issuer Credit Rating (ICR) and affirmed the Financial Strength Rating ( FSR) of B++ (Good) and long-term ICR rating of “bbb+” (Good) by the California Earthquake Authority (CEA) (Sacramento, CA). FSR's outlook is stable.

The credit ratings (ratings) reflect CEA's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, lean business profile and appropriate enterprise risk management.

The stable long-term ICR outlook reflects the improvement in CEA's balance sheet strength due to increased risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio (BCAR). The increase in risk-adjusted capitalization was driven by an improvement in CEA's ability to pay claims to a typical return period of 1 in 365 years as of January 1, 2024, from a typical return period of 1 in 360 years as follows: As of January 1, 2023, at the time of review Previous annual AM Best rankings. This improvement is due to the stability of the CEA's risk transfer programme, as well as a slowdown in exposure growth.

In response to increased exposure growth in recent years, CEA has implemented a number of coverage option changes effective August 1, 2023 for new customers and effective November 1, 2023 for existing customers, which are expected to reduce the CEA's exposure growth rate going forward. These included reductions in Coverage C (personal property) to a maximum of $25,000; Eliminates the 5% and 10% deductible options for policies with more than $1 million in Coverage A (structure) and homes not retrofitted before 1980; Removal of building veneer and breakable objects as optional approvals.

Furthermore, the CEA Board approved a 6.9% rate and model filing on December 7, 2023, which the California Department of Insurance accepted for review on December 22, 2023. Pending approval, the target implementation date for this rate and model filing is January 1, 2025.

The story continues

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the release and related 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 see Best's Credit Ratings Guide. For information on the proper use of Best's credit ratings, performance ratings, Best's preliminary credit assessments, and AM Best's press releases, please see the Guide to the Proper Use of Best's Ratings and Ratings.

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 more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 AM Best Rating Services, Inc. And/or its affiliates. All rights reserved.

View source version on Businesswire.com: https://www.businesswire.com/news/home/20240215897952/en/

Contacts

Kenneth Tappen Chief Financial Analyst +1 908 882 2389 [email protected]

Richard Attanasio Senior Manager +1 908 882 1638 [email protected]

Christopher Sharkey Assistant Director of Public Relations +1 908 882 2310 [email protected]

Al-Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected]

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos