RLI Corp And Its Units Receive Rating Action From A.M. Best
Zacks Investment Research | Sep 25, 2016 10:39PM ET
RLI Corp. (NYSE:RLI) and its units recently received rating action from credit rating giant, A.M. Best. The credit rating agency affirmed A+ (Superior) financial strength rating (FSR) of the property and casualty (P&C) insurer’s subsidiaries, namely RLI Insurance Company, Mt. Hawley Insurance Company and Contractors Bonding and Insurance Company.
RLI Corp. was affirmed the issuer credit rating (ICR) of “a”. In addition, the rating agency affirmed the ICRs of “aa” for the aforementioned subsidiaries of the insurer.
The rating affirmations indicate the company’s excellent capitalization, continued long-term operating profitability and outstanding business profile, which make it one of the industry-leading property and casualty insurer in the United States.
Notably, these subsidiaries were affirmed the FSR of A+ by the credit rating agency on Jun 5, 2015 as well. Moreover, the ICRs of “a” and “aa” were affirmed by A.M. Best for RLI Corp. and its subsidiaries, respectively.
Rating affirmations or upgrades from credit rating agencies play an important role in retaining investors’ confidence in the stock as well as maintaining credit worthiness in the market. Hence, it is expected that such ratings will help the company write more business, going forward.
Currently, RLI Corp carries a Zacks Rank #3 (Hold).
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