2024 A.M. Best Rating Affirmed – Reopening Insurors Indemnity Company for New Business
November 27, 2024

2023 was a tough year for property writers in the U.S. and especially for those in the great State of Texas. For Insurors Indemnity Companies, results were made worse by an uptick in the number and severity of Surety losses. While Surety results have greatly improved in 2024 and the line has returned to profitability, the first half of this year was plagued with development from prior year property losses along with new wind, hail, tornado and even hurricane losses.
High catastrophe reinsurance rates and retentions compound the issue. As a result, like many other companies, Insurors took prudent corrective measures including the implementation of multiple strong rate increases; tightening of underwriting guidelines for renewals; and the cessation of new business in its admitted carrier.
We have greatly appreciated your patience as we’ve allowed these actions to take hold. We hope that our decision to continue accepting new business in our non-admitted carrier, Insurors Indemnity Select, has been and will continue to be a benefit to your agency in this difficult market.
Given that backdrop, Insurors is proud to report that A.M. Best has affirmed the A- (Excellent) ratings with a Stable outlook of Insurors Indemnity Company and Insurors Indemnity Select. In its report, A.M. Best noted “the group continues to have solid underwriting and operating metrics on a five and ten year average basis that outperforms the commercial property composite and the overall property and casualty industry.” and “Insurors Indemnity’s overall balance sheet assessment of very strong is supported by the strongest level of risk-adjusted capitalization.” We are especially proud of this affirmation in light of the number of Texas and other companies that received downgrades and/or negative outlooks.
A.M. Best’s affirmation serves as validation that our strategy is working. Further, results in the second half of the year have been extremely good. As a result, we feel confident in our decision to begin accepting new business in our admitted carrier, Insurors Indemnity Company, beginning in December. Expect to hear more on this from our underwriting department in the next few weeks.
Again, we sincerely thank you, our agencies and their staffs, for your patience, understanding and support during this trying period as we’ve made the necessary changes that now culminate in our ability to offer you the ability to once again place your commercial P&C business with Insurors Indemnity Company.
Everyone at the Insurors Indemnity Companies takes pride in providing stable insurance and surety products to its policyholders and agents through disciplined underwriting, fast and fair claims service, and conservative investment and operating practices.