Press Release|Insurance
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KBRA Affirms Ratings of Unique Insurance Company and Stonegate Insurance Company

24 Apr 2026   |   New York

Contacts

KBRA affirms the BBB- insurance financial strength ratings (IFSRs) of Unique Insurance Company (UIC) and Stonegate Insurance Company (SIC). Both IFSRs have Stable Outlooks.

KBRA assesses the IFSRs of UIC and SIC on a group basis using the Combined Annual Statement of Unique Insurance Company (Combined), referred to as Unique (Combined). The ratings reflect Unique (Combined)’s improving reserve quality and reduced tail risk, material improvement in claims handling and reduced loss emergence as well as a supportive ecosystem and capital management flexibility. Positive trends include improving, albeit still elevated, underwriting leverage; strategic, but yet to be proven, repositioning; and developing, but still to be embedded, ERM framework.

Balancing these strengths are weak and inconsistent underwriting performance, a constrained capital buffer, high business concentration and an elevated expense ratio from operating inefficiency due to lack of scale.

UIC is a wholly owned subsidiary of Producer’s National Corporation (PNC), while SIC is a wholly owned subsidiary of UIC. PNC is a wholly owned subsidiary of The 1609 Fund Ltd. which in turn is a wholly owned subsidiary, along with Prospero Re Ltd., of Resolute Global Partners . Both UIC and SIC are property and casualty companies domiciled in the state of Illinois. Unique (Combined) can write both admitted and non-admitted business in 46 states. UIC and SIC specialize in personal automobile liability and physical damage coverages while SIC also writes commercial automobile liability and physical damage. The companies primarily market their products to individuals through independent agents.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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