WAYZATA, Minn., Feb. 15 12, 2022 (GLOBE NEWSWIRE) — Trean Insurance Group, Inc. (Nasdaq: TIG), a leading provider of products and services to the specialty insurance market, today announced that its subsidiary, Benchmark Specialty Insurance Company (BSIC), a national surplus line carrier in Arkansas, has received a financial strength rating of “A” (Excellent) and an issuer long-term credit rating of “a” (Excellent) from AM Best, a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.
BSIC ratings were assigned due to a 100% quota share reinsurance contract with Benchmark Insurance Company, highlighting balance sheet strength, operational performance, limited business profile and appropriate management of corporate risks of Benchmark Insurance Company.
“We are very pleased that AM Best has recognized the strength of Benchmark,” said Andrew M. O’Brien, President and CEO of Trean. “We look forward to developing Benchmark’s new carrier as it continues to develop expertly designed specialty offerings for customers across the country.”
BSIC, a newly added wholly-owned subsidiary of Benchmark Insurance Company, Inc., is a surplus and excess insurer that will write specialty/niche products through partners that give the company access to program offerings on an inadmissible basis.
About Trean Insurance Group, Inc.
Trean Insurance Group, Inc. (NASDAQ: TIG) provides products and services to the specialty insurance market. Trean underwrites specialty property and casualty insurance products through both its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services, including outgoing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business in 49 states and the District of Columbia. For more information, please visit www.trean.com.
About AM Best
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 more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are not historical or current facts. These statements may address net income, cash flow, financial condition, impairment, expenses, growth, strategies, plans, achievements, capital structure, organizational structure, opportunities market and general market and industry conditions of the Company. These forward-looking statements can be identified by words such as “anticipate”, “estimate”, “expect”, “intend”, “plan”, “predict”, “project”, “believe”, “search”, “perspectives”. ‘, ‘future’, ‘will’, ‘would’, ‘should’, ‘could’, ‘may’, ‘may have’, ‘probable’ and similar terms. Forward-looking statements are based on management’s current expectations and assumptions regarding future events. These statements are only predictions and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements if underlying assumptions prove incorrect or as a result of risks, uncertainties and other factors, including the impact of the COVID-19 pandemic on the business and operations of the Company, our program partners and other business relationships. Other factors that could cause such differences include the risks described in the Company’s filings with the United States Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. These forward-looking statements speak only as of the date on which they are made. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, changes in assumptions or otherwise. . Investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release or in other Company filings and public statements.
Source: Trean Insurance Group, Inc.