RetailFirst and BusinessFirst now rated B++ (Good)

We are pleased to announce that A.M. Best Company, the world's oldest and most authoritative insurance rating and information source, has assigned a financial strength rating of B++ (Good) to both RetailFirst Insurance Company and BusinessFirst Insurance Company. The rating is based on the consolidated financial results of RetailFirst and BusinessFirst, which operate under an intercompany reinsurance pooling arrangement, referred to as RetailFirst Insurance Group.

According to A.M. Best, the rating "reflects RetailFirst's strong capitalization, solid operating profitability measures and management's disciplined operating philosophy." A history of strong financial performance is evident in:

  • Total assets of $269.8 million
  • Policyholder surplus of $128.3 million
  • Over $94.0 million in policyholder dividends delivered to insureds
    (data as of June 30,2011)

RetailFirst and BusinessFirst continue to deliver results—successfully navigating a challenging workers' compensation market. A.M. Best recognizes "the group's relatively strong underwriting performance in earlier years despite challenging market conditions, a significant reduction in workers' compensation rates in Florida since legislative reforms were passed in 2003 and the weak macroeconomic environment."

The B++ (Good) rating is assigned to companies that have a "good ability to meet their ongoing insurance obligations" when compared to A. M. Best standards. The B++ classification means RetailFirst Insurance Group is within A.M. Best's "secure" rating group. Both companies are backed by a top-rated reinsurance company, Midwest Employers Casualty Company rated A+ (Superior) by A.M. Best.

Together RetailFirst and BusinessFirst insure more than 11,000 businesses throughout Florida and the southeastern United States. The day-to-day operations of both companies are managed by Summit Consulting Inc., a workers' compensation managing general agent with more than 30 years of experience.

Workers' compensation business submissions for RetailFirst are now being accepted through independent agents in Florida. For BusinessFirst, independent agents can submit workers' compensation business in Florida, Kentucky, North Carolina and Tennessee. Information on agency appointments is available by calling Summit's Agency Relations department at 1-800-282-7648.