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AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” (Fair) to Palmetto Surety Corporation (Palmetto) (Mount Pleasant, SC). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Palmetto’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Palmetto is a mono-line surety writer primarily engaged in providing bail surety through its agents. The company also underwrites commercial surety and contract surety bonds. Palmetto operates in eight states, primarily located in the Southeast, and intends to broaden its geographic footprint by expanding into additional states.
The ratings of Palmetto reflect its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by a prudent investment portfolio and favorable development of prior year loss …
Full story available on Benzinga.com
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