The ratings for SIC and SPAC reflect their improving underwriting performance and capitalization, broad and diversified distribution platform, effective reinsurance and catastrophe risk management, and experienced management team. Stillwater’s underlying underwriting performance has improved meaningfully as management’s pricing, underwriting, claims and exposure-management actions have gained traction. SIC’s combined ratio improved to 107.6% in 2025 from 116.7% in 2024 and improved further to 92.5% in the first half of 2026, reflecting continued improvement in underlying underwriting performance. Risk-adjusted capitalization and underwriting leverage have also improved, with SIC’s policyholders’ surplus increasing to approximately $246.0 million at June 30, 2026 from $214.8 million at year-end 2025. Stillwater also benefits from relationships with more than 3,500 independent agencies and brokers and several national insurance organizations.
These positives are somewhat…
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