Workers’ compensation insurer Synergy Comp Insurance Company has announced that AM Best has upgraded its financial strength rating to from A- (excellent) and its long-term issuer credit rating from “a-” (excellent) to “a” (excellent). The outlook of the credit ratings has been revised from stable to positive.
The new ratings reflect Synergy Comp’s balance-sheet strength, which AM Best characterized as “very strong,” as well as its strong operating performance, limited business profile and appropriate enterprise risk management, the insurer said.
“The rating affirms the work that Synergy Comp has done over the years in creating safer workplaces, adjudicating claims fairly, and maintaining 100% compliance with transitional return to work,” said Lew Kachulis, CEO of Synergy Comp. “The future is even more exciting than our past 16 years as we continue to enjoy building a financially healthy insurance company with a mission of helping others.”
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Synergy Comp’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio, is “categorized as strongest, reflective of organic surplus growth achieved through strong operating performance, which has benefited from sustained favorable reserve development patterns over the long term that has driven retained earnings,” AM Best said.
