ATLANTA, Jan. 11, 2024 /PRNewswire/ — AM Best, the leading provider of ratings, news and financial data for the insurance industry worldwide, has assigned the group financial strength rating of A (Excellent) with a stable outlook to three new member companies of Builders Insurance (An Association Captive Company): Crossroads Insurance Company (CIC), Georgia Builders Insurance Company (GBIC) and United Builders Insurance Company (UBIC).
All member companies of the Builders Insurance Group rating unit bear an A (Excellent) rating, including multiple admitted companies and a national surplus lines company. CIC, GBIC and UBIC offer vital strategic value to the Group’s near- and long-term expansion strategy.
“Strong and profitable growth in the upcoming years is a key priority at Builders,” said Todd Campbell, President & CEO of Builders. “Our new member companies reflect the serious strategic groundwork we have completed to diversify our business meaningfully, elevate the customer experience, and position the company for sustainable, long-term growth. Our capital is hard at work to grow the business while our continued financial performance serves to fortify our rock-solid financial stability, which is reflected in the A ratings of our new member companies.”
Recent Builders financial highlights include:
Highest-ever gross written premium of $244 million in 2023
2023 year-end surplus expected to exceed $350M in historic milestone
Averaged $28 million of income, before taxes and unrealized gains/losses, the last eight years
Disciplined premium growth of 38% from 2020 to 2023
For more details on this rating, please read AM Best’s complete analysis at http://ratings.ambest.com (registration and login required).
A property and casualty insurance leader, Atlanta-based Builders is the region’s reliable expert and workforce advocate serving agents and their clients through deep partnerships, service excellence and financial strength. Over 30 years of market leadership in complex construction risks has fostered exceptional expertise in workers’ compensation, injury prevention and best-in-class medical management, driving superior outcomes in any professional industry. Builders and its member companies are rated “A” (Excellent) IX by AM Best. Top Workplaces USA — #InsuranceBuiltStrong.