A.M. Best has downgraded the Financial Backbone Appraisement to B- (Fair) from B (Fair) and Long-Term Issuer Credit Appraisement to “bb-” from “bb” of West Virginia National Auto Allowance Co. (Morgantown, WV). The outlooks of these Credit Ratings are negative. Concurrently, A.M. Best has aloof the ratings as the aggregation has requested to no best participate in the A.M. Best’s alternate appraisement process, according to a columnist absolution from the ratings agency.
A.M. Best said the ratings and outlooks reflect WV National Auto’s antithesis area strength, which A.M. Best categorizes as weak, as able-bodied as its bordering operating performance, bound contour and adapted action accident management. The aggregation is a alcove biographer of non-standard auto insurance, which is inherently volatile. Underwriting is bound to West Virginia back the aggregation exited Virginia in 2016. Return measures are about abrogating due to underwriting losses mainly apprenticed by business that was accounting in Virginia.
A.M. Best said there is currently beneath antagonism aural West Virginia for non-standard business due to the state’s adeptness to cap fee income, causing added carriers to abjure from the market. Through 2017, a aggregate of added net writings, accumulated with a bead in the company’s surplus, has resulted in a actual abatement in the company’s capitalization.
West Virginia National Auto’s CFO David Remmells told Allowance Journal the aggregation chose to abjure from A.M Best’s appraisement action because it no best saw the charge or amount account in accommodating accustomed it now aloof writes one band of business in one state. He added the best contempo abrogating appraisement by A.M. Best was allotment of the agency’s final assay performed back the insurer asked to withdraw.
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