AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of the members of Crum & Forster Insurance Group (C&F). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Monitor Life Insurance Company of New York (Monitor Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)

The ratings of C&F reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also reflect the benefits the group derives from its role within the larger Fairfax Financial Holdings Limited enterprise.

The rating affirmations of C&F reflect the stabilized operating performance metrics despite elevated catastrophe loss activity in recent years. C&F continues to expand its business profile, specifically in accident and health lines, developing market leading positions in various subsegments of the industry. The growth has dampened C&F’s risk-adjusted capitalization scores somewhat in recent years, although scores are anticipated to remain supportive of the current ratings going forward.

The ratings of Monitor Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect the financial support and strategic importance to its parent, United States Fire Insurance Company, part of C&F.

The rating affirmations of Monitor Life reflect its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). However, absolute capital and surplus remains modest. Net premium and earnings will be relatively modest over the near term as the company started introducing a limited portfolio of group life and accident and health products late in the first quarter of 2023. Monitor Life has certificates of authority to write business in 50 states and the District of Columbia. The company distributes products through C&F’s nationwide distribution network, and C&F coordinates its ERM.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following members of Crum & Forster Insurance Group:

• Crum & Forster Indemnity Company
• Crum and Forster Insurance Company
• The North River Insurance Company
• United States Fire Insurance Company
• Crum & Forster Specialty Insurance Company
• First Mercury Insurance Company
• American Underwriters Insurance Company
• Seneca Insurance Company, Inc.
• Crum & Forster SPC
• Seneca Specialty Insurance Company

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.

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