AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a“ of Park Assurance Company (Park) (Colchester, VT). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Park's balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
Park's strongest risk-adjusted capital position reflects its conservative loss reserving practices and favorable development trends, along with its conservative investment portfolio and strong liquidity measures. Park is well-capitalized through retained earnings, as the captive has reported consistently favorable pure loss ratios in combination with its low-cost underwriting expense structure to produce favorable operating earnings year after year that have outperformed the commercial property composite by a wide margin. The ratings further reflect Park's sophisticated risk management strategy and practices, experienced management team and its integral role as a single-parent captive of JPMorgan Chase Holdings, LLC, which is a subsidiary of JPMorgan Chase & Co. (JPMorgan Chase) (NYSE:JPM), a leading global financial services group; however, Park's ...
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