AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Crusader Insurance Company (Crusader). Additionally, AM Best has revised the outlook to negative from stable and affirmed the Long-Term ICR of “bb” of Crusader’s parent company, Unico American Corporation (Unico). Both companies are domiciled in Calabasas, CA.
The negative outlooks capture AM Best’s concerns with Crusader’s declining underwriting performance, the company’s overall capitalization and the execution risk associated with implementing strategic operating changes to address these conditions.
The Credit Ratings (ratings) reflect Crusader’s balance sheet strength, which AM Best categorizes as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The rating affirmations are supported by the company’s historically supportive risk-adjusted capitalization, its regional market presence and the financial flexibility of Unico.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent 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 view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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