KBRA Affirms and Withdraws the IFSR Ratings for the Operating Companies of Knight Insurance Group
7 Aug 2023 | New York
KBRA affirms the A- insurance financial strength ratings (IFSRs) of Knight Insurance Company, Ltd., Knight Specialty Insurance Company, Knightbrook Insurance Company, and Guilderland Reinsurance Company, collectively referred to as Knight Insurance Group. The Outlook for the ratings is Stable.
KBRA subsequently withdraws all ratings at the companies' request.
Key Credit Considerations
The ratings reflect the companies' strong capital position, generally profitable underwriting results over the past five years, low financial leverage, and the ultimate parent company and affiliates operational and financial support. These credit strengths are offset by the company’s elevated investment risk, reliance on fronting arrangements, material adverse loss reserve development over the past five years and material affiliated party transactions.
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