AM Best has revised the outlook to positive from stable and affirmed the Performance Assessment (assessment) of PA-3 (Strong) of CargoCorp Underwriters Inc. (CCUW) (Miami, FL).

The assessment reflects CCUW’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, strong organizational talent and strong depth and breadth of relationships.

CCUW is a managing general agent (MGA) specializing in underwriting marine and its affiliated lines in the Latin American market. Since launching its first program in 2015, CCUW has demonstrated its underwriting expertise by generating profitable business for its carrier partners. Its capabilities are further enhanced by an internal, proprietary software system that delivers detailed risk assessments and exposure monitoring. Premium growth over the years has been driven by the expansion of existing programs and entry into new lines of business.

CCUW’s governance and internal controls are considered excellent given the company’s size and scale. CCUW has developed and implemented a robust internal audit process to ensure alignment between operational practices and strategic objectives. The company’s governance framework continues to evolve annually, informed by internal and external feedback. Its proprietary technology platform is continually enhanced as the company expands its information technology team and leverages growing data resources.

CCUW’s strong financial condition is supported by a trend of consistently profitable earnings, strong cash flow results and increasing positive net worth. Fee income growth is supported by an expanding premium base as well as increasing profit commission levels. Income stability is reinforced further by the diversity of programs underwritten. CCUW is privately held, and all insurance risk is placed outside the organization.

CCUW is staffed appropriately for its size and scale with extensive industry experience in marine cargo and affiliated lines. The company’s compact organizational structure supports effective communication and operational efficiency. Many processes are retained in-house to ensure consistency and provide flexibility. Since its inception, the company has continued to grow its underwriting and overall staff.

CCUW’s program portfolio has evolved significantly since its founding. The company offers a range of programs across lines of business and geographic regions, with a niche focus in marine and affiliated coverages in Latin America. CCUW has broadened its network of capacity providers and brokers and expanded its geographic footprint in recent years. Management remains focused on identifying growth opportunities in new markets while maintaining longstanding relationships with highly rated capacity providers.

The revised outlook to positive from stable reflects the expectation that CCUW will continue to execute its business strategy effectively as it broadens its underwriting portfolio, expands its geographic footprint, enhances organizational capabilities and deepens its network of relationships while maintaining underwriting profitability and a strong financial position.

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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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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