A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a” of Seven Seas Insurance Company, Inc. (Seven Seas) (Riviera Beach, FL). The outlook for both ratings is stable.
The ratings reflect Seven Seas’ sustained underwriting and operating profitability, excellent capitalization and the synergies gained from its effective low-cost distribution platform and preferential access to those it insures via the customer network of its affiliate, Tropical Shipping. Tropical Shipping is one of the largest transporters of containerized cargo from the United States and Canada to the Caribbean region and the Bahamas.
The ratings also acknowledge management’s specialty underwriting expertise within the ocean and inland marine cargo market as well as its strong client relationships, effective loss control and risk management techniques.
Seven Seas and Tropical Shipping are both ultimately owned by AGL Resources, Inc. (AGL) (NYSE: GAS) following AGL’s merger with Nicor Inc., effective December 9, 2011. AGL, an Atlanta-based energy services holding company, is one of the nation’s largest natural gas distribution companies.The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; and “Understanding BCAR for Property/Casualty Insurers.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.