AM Greatest has revised the outlook to secure from adverse for the Lengthy-Time period Issuer Credit score Scores (Lengthy-Time period ICR) and affirmed the Monetary Energy Score (FSR) of A (Glorious) and the Lengthy-Time period ICRs of “a+” (Glorious) of Westfield Insurance coverage Firm and its associates, collectively generally known as Westfield Group (Westfield). The outlook of the FSR is secure. All corporations are wholly owned subsidiaries of Ohio Farmers Insurance coverage Firm, the final word mum or dad, and are domiciled in Westfield Heart, Ohio.
The rankings mirror Westfield’s stability sheet energy, which AM Greatest assesses as strongest, in addition to its enough working efficiency, impartial enterprise profile and applicable enterprise danger administration, AM Greatest mentioned.
The revised Lengthy-Time period ICR outlook for Westfield displays enchancment in its working outcomes by year-end 2024 and the projected monetary metrics. The mixed ratio has improved and returned to sub-100% for 2024, pushed by pricing actions and revisions to insurance policies phrases, in addition to strategic re-balancing of development towards more-profitable traces, together with surplus market alternatives.
AM Greatest mentioned a return to constructive internet earnings in 2024 was supported by sturdy funding outcomes and enchancment in internet underwriting outcomes regardless of higher-than-expected disaster losses from convective storms and two hurricanes. Westfield’s risk-adjusted capitalization stays on the strongest degree, as measured by Greatest Capital Adequacy Ratio (BCAR). Enchancment in working efficiency led to surplus development in 2024 following a number of years of decline.
Westfield Insurance coverage Firm reported internet earnings of $143 million in 2024, in keeping with monetary outcomes submitted to NAIC. Westfield Insurance coverage Firm noticed internet earnings of $16 million in 2023, and in 2022 the insurer skilled internet lack of $34 million.
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