News

A.M. Best Upgrades Atlantic Charter to an “A” rating

BOSTON – A.M. Best Co. recently upgraded the financial strength rating of Massachusetts specialty carrier Atlantic Charter Insurance Co. from A- (Excellent) to A (Excellent).

A.M. Best stated that, “the rating action reflects Atlantic Charter’s excellent operating results driven by management’s disciplined underwriting approach, proactive safety and health services and aggressive claims management program. The rating is also based on the company’s solid investment income, quality reinsurance protection and high-quality balance sheet.”

Atlantic Charter specializes in providing workers’ compensation insurance for Massachusetts employers. The company is headquartered in Boston and serves clients in various industries such as manufacturing, healthcare, technology and retail.

“At a time when many insurance companies are being faced with downgrades related to financial stability, the news for Atlantic Charter is extremely positive,” suggested Mitchel Weisman, executive vice president of Atlantic Charter. “We are very pleased that A.M. Best has reaffirmed our company’s financial strength as a Massachusetts workers’ compensation carrier. This upgrade solidifies our position with our insureds and with those agents who have remained loyal to Atlantic Charter over the years.”

Citing the company’s consistently strong operating income, favorable underwriting results and excellent capital position, A.M. Best indicated it views the rating outlook for Atlantic Charter as stable.

Atlantic Charter Insurance Co., formed in 1991 to write workers’ compensation insurance for Massachusetts employers, started by insuring nursing homes in the Bay State, and later opened its book of business to the healthcare industry, the plastics industry, general manufacturing, metal workers and other businesses. The company earned an initial rating of A- (Excellent) from A.M. Best in 1996 (see The Standard, Feb. 23, 1996).