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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of Westminster American Insurance Company

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Westminster American Insurance Company (Westminster) (Owings Mills, MD). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Westminster’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

Effective June 30, 2024, Westminster was reacquired by its original owner and subsequently started to report results on a standalone basis in the third quarter of 2024. The ratings were expected to remain under review until AM Best fully assessed management’s prospective business plans.

The ratings have been removed from under review with negative implications following AM Best’s completed analysis and assessment of Westminster’s prospective financial and operational plans under new ownership. The very strong balance sheet strength assessment is supported by risk-adjusted capitalization maintained at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). Surplus growth as of year 2024 was bolstered by a material capital injection from new ownership to support the current assessment, as well as future growth and expansion initiatives. AM Best expects the company’s BCAR to further strengthen in the near term from organic surplus growth that will continue to strengthen its capital position.

Westminster’s operating performance is expected to remain adequate, consistent with historical norms supplemented by favorable investment income. Prospective results are expected to further benefit from management’s expertise and long-standing ties in the property/casualty insurance industry insuring commercial habitational risks. The limited business profile reflects Westminster’s geographic and product concentration as a commercial lines property carrier that operates in several coastal Mid-Atlantic states. The company’s ERM is viewed as appropriate, supported by its developed framework and appropriate risk management capabilities that includes a comprehensive reinsurance program tailored to manage catastrophic and systemic risks effectively.

The stable outlooks are based on AM Best’s expectation that Westminster’s overall balance sheet strength will remain very strong, marked by stability in the capital position supported by the strongest level of risk-adjusted capitalization, as measured by BCAR. The stable outlooks further reflect the expectation that operating performance will continue to support the adequate assessment level based on management’s disciplined underwriting and pricing strategies to generate organic surplus growth.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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