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A.M. Best Revises Outlooks to Stable for Agency Insurance Company of Maryland A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb+ for Agency Insurance Company of Maryland Inc. (AIC), based in Hanover, Md. The ratings reflect AIC’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM), according to an A.M. Best press release. The revision in the outlooks to stable reflects the company’s steady increase in net and gross underwriting leverage ratios over the latest five-year period due to its significant premium growth, which has come from the company’s personal auto book and its entry into the commercial auto space, the release added. AIC’s adequate balance sheet strength reflects the company’s strong overall risk-adjusted capitalization, conservative investment portfolio and favorable reserve development, according to the release. However, A.M. Best explained in the release that AIC’s net and gross underwriting leverage ratios are elevated and compare unfavorably with the nonstandard auto composite. As a result, policyholder surplus and operating results are exposed to potential adverse underwriting, pricing and claims trends. The strong operating performance reflects the company’s underwriting results, which when coupled with steady net investment income, have generated consistent pre-tax operating profits. AIC maintains a limited business profile as a writer of personal and commercial automobile in three states. ERM is appropriate for AIC’s risk profile as the company continues to develop and improve its risk management capabilities in the mid-Atlantic auto market, the release stated. Source: A.M. Best

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