Brickstreet Insurance Garners A.M. Best rating of A-, rating places company among the most financially secure insurance providers in the nation.
Charleston, W.Va. – Officials with BrickStreet Insurance today received notification that the company has earned a rating of A- from A.M. Best Company.
A.M. Best is a full-service credit rating organization, which serves the financial services industry and focuses on the insurance sector. Policyholders and depositors refer to the organization’s ratings and analyses to help assess the financial strength and creditworthiness of risk-bearing entities and investment vehicles.
According to BrickStreet President and CEO Greg Burton, A.M. Best cited the company’s robust surplus, reserving methodology, investment strategy, loss control policies and procedures as key features that made the A- rating possible. BrickStreet’s rating places the company among the most financially-secure insurance providers in the nation and indicates it has excellent ability to meet its ongoing insurance obligations.
“When we started out on the road to privatization five years ago, one of our primary goals was to earn this rating from A.M. Best. This designation is evidence of BrickStreet’s strength and viability as an insurance provider. We have achieved this success in a market where the aggregate workers’ compensation rates have decreased by 40 percent since 2005. And we reached this point during one of the most severe economic downturns in our nation’s history,” Burton said.
“This rating is truly a testament to the hard work and dedication of BrickStreet’s staff. I cannot say enough about our staff’s commitment to our customers and their employees. Additionally, I am proud of the sound decision-making by our board of directors and the fiscal responsibility of our top management,” he said.
Burton added, “This is also an endorsement of our BrickStreet 360° approach to serving policyholders, our dedication to minimizing losses through our comprehensive safety and loss control services, and our commitment to making sure injured workers receive the care they need and deserve.”
“This is a historic day for BrickStreet. An A- rating from A.M. Best confirms that BrickStreet is a strong, financially-secure company,” said Tom Flaherty, chairman of BrickStreet’s Board of Directors. “We have spent the last five years building a company where our policyholders are valued and the care of injured workers is a top priority. I am proud to be associated with this organization.”
BrickStreet began its historic role as West Virginia’s first private worker’s compensation carrier Jan. 1, 2006. Since that time the company has worked closely with West Virginia Insurance Commissioner Jane Cline and her staff in their charge to privatize the state’s workers’ compensation system. This included adopting NCCI’s class codes and rate setting structure.
“I am very proud that a West Virginia-based insurance company has received such a high rating from this organization. A.M. Best is well known for its evaluation of insurance companies and rating financial stability,” said Commissioner Cline. “The A- rating is an endorsement of not only BrickStreet, but also the privatization of West Virginia’s workers’ compensation system as a whole.”
BrickStreet is a leading provider of workers’ compensation insurance and writes coverage in West Virginia, Virginia, Kentucky and Illinois. As a mutual company, BrickStreet is owned by its policyholders. For more information, visit www.brickstreet.com.