The rating actions for First American P&C Group recognize its continued favorable trend of operating performance, solid risk-adjusted capitalization and reduced underwriting leverage in recent years. This group’s positive results are derived from its strict underwriting discipline and loss control guidelines, which have resulted in consistent underwriting profitability and favorable operating results over the years, despite wildfire and severe weather-related activity. The ratings also recognize First American P&C Group’s use of multiple distribution channels to market its products. Besides brokers and independent agents, First American P&C Group is able to leverage FAF’s advanced computer systems and title distribution networks to facilitate direct escrow sales of homeowners’ insurance.FAF’s ICR acknowledges the capital strength of its insurance subsidiaries, its modest financial leverage and adequate interest coverage measures.
A.M. Best Revises Outlook To Positive For First American Financial Corp. And Its Title And PC Insurance Subsidiaries
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