Oldwick, NJ–(business wire)–AM Best revised its outlook from stable to positive and revised its financial strength rating to B+ (favorable) and its long-term issuer credit rating to ‘bbb-‘ (favorable) for FHM Insurance Company (FHM), Jacksonville, Florida. did.
The Credit Rating (Ratings) reflects AM Best’s assessment of FHM’s strong balance sheet strength, marginal operating results, limited business profile and marginal enterprise risk management (ERM).
The positive outlook revision reflects a positive view that the company’s ERM improvements are taking hold with a degree of sustainability not shown in recent times. This is evidenced by management’s ongoing underwriting activities to improve overall performance. Given management’s appropriate risk appetite and tolerance for risk-adjusted capital, improved operating results could lead to further strengthening and expansion of the balance sheet. FHM will not only benefit from industry and product expertise, but also a modest financial position derived from the recent purchase of a controlling interest in his FHM by its regional peer, his LUBA Casualty Insurance Company. I also have flexibility.
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