AM Best Affirms Credit Ratings of Investors Title Company and Its Subsidiaries
September 04 2020 - 11:21AM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR)
of “a” of both subsidiaries of Investors Title Company (ITIC)
[NASDAQ: ITIC]: Investors Title
Insurance Company and National Investors Title Insurance
Company (Austin, TX). These subsidiaries collectively are
referred to as Investors Title
Company Group (ITC Group). Concurrently, AM Best has
affirmed the Long-Term ICR of “bbb” of ITIC. The outlook of these
Credit Ratings (ratings) is stable. All companies are domiciled in
Chapel Hill, NC, unless otherwise specified.
The ratings reflect ITC Group’s balance sheet strength, which AM
Best categorizes as very strong, as well as its strong operating
performance, limited business profile and appropriate enterprise
risk management (ERM).
ITC Group’s balance sheet strength reflects its strong
risk-adjusted capitalization and robust surplus growth that is
reflective of strong operating earnings and its conservative
underwriting position. ITC Group’s operating performance
consistently outperforms the industry, driven by its
lower-than-average loss and loss adjustment expense ratios. This
level of performance enables it to significantly outperform peers
in terms of return on equity and return on revenue. ITC Group’s
limited business profile is driven largely by the group’s heavy
product orientation and its significant geographic concentration in
North Carolina and Texas. ITC Group’s ERM practices are considered
appropriate as it assesses and critically reviews risks annually,
developing a comprehensive listing under which each respective risk
is assigned to the appropriate staff and managers who are
responsible for monitoring, managing and mitigation.
Significant deterioration in operating performance and erosion
of risk-adjusted capitalization may result in negative rating
action.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent Rating
Activity web page. For additional information regarding the use and
limitations of Credit Rating opinions, please view Guide to Best’s
Credit Ratings. For information on the proper media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in New York, London,
Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more
information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Kourtnie Beckwith Financial Analyst +1 908 439 2200, ext. 5124
kourtnie.beckwith@ambest.com
Fred Eslami Associate Director +1 908 439 2200, ext. 5406
fred.eslami@ambest.com
Christopher Sharkey Manager, Public Relations +1 908 439 2200,
ext. 5159 christopher.sharkey@ambest.com
Jim Peavy Director, Public Relations +1 908 439 2200, ext. 5644
james.peavy@ambest.com
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