Civil Service Employees Insurance Group’s
Financial Strength Rating Upgraded by A.M. Best
Best Report Cites CSE’s Significantly
Improved Operating Earnings During Past Five Years
SAN FRANCISCO (Business Wire EON/PRWEB ) May 12, 2008 --
Civil Service Employees Insurance Group (“CSE”)
today announced that A.M. Best Co. has upgraded the financial strength
rating of CSE and its members to A- (Excellent) from B++ (Good).
A. M. Best’s Financial Strength Rating is an
independent analysis, based on a comprehensive quantitative and
qualitative evaluation, of a company’s balance
sheet strength, operating performance and business profile.
“We are extremely pleased with A.M. Best’s
recognition of CSE’s financial strength and
our ability to deliver on our promise to our policyholders,”
said Pierre Bize, President and CEO of CSE. “Over
the years, we have taken considerable steps in improving our operating
performance, our risk-adjusted capitalization, and our commitment to
delivering quality protection at affordable rates.”
In its news release affirming CSE’s A-
rating, A.M. Best acknowledged “management’s
knowledge of its California operating territories, high business
persistency, conservative investment risk profile and favorable loss
reserve development.” A.M. Best also noted
that CSE “has implemented a number of
strategic initiatives over the previous five-year period to improve
overall earnings, which included rate adjustments, stricter underwriting
guidelines, improved claims handling and non-renewals or moratoriums on
unprofitable lines of business. These initiatives, along with favorable
automobile loss frequency trends, a lack of significant homeowner
catastrophe activity and increased investment income have resulted in
significantly improved operating earnings.”
“The upgraded A.M. Best rating is a
reflection of CSE’s commitment to
strengthening our connection with the communities we serve,”
said Gregory Parini, Vice President of External Relations for CSE. “Existing
and future customers can rest assured that CSE is a financially sound
company that will be there for them when they need us.”
About CSE
For nearly 60 years, Civil Service Employees Insurance Group (CSE) has
been committed to “Delivering on our Promise”
by providing quality protection at affordable rates. Originally focused
on promoting the interests and welfare of firefighters, police and law
enforcement personnel, and other government and civil service employees,
CSE extended its offerings to the general public in the 1980s.
CSE offers a wide range of insurance products, including auto, home,
liability, boat, and commercial. CSE insurance products are sold through
independent insurance agents in California, Arizona, Nevada, and Utah,
and also through www.cseinsurance.com.
See the original story at: http://eon.businesswire.com/releases/insurance/strength/prweb935714.htm
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