AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Ratings of “bbb-” (Good) of Anchor General Insurance Company (San Diego, CA) and subsidiary, Pacific Star Insurance Company (Madison, WI), collectively referred to as Anchor General.
The Credit Ratings (ratings) reflect Anchor General’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The revision of the outlook on the balance sheet strength assessment to positive from stable reflects a sustained improvement in Anchor General’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), reductions in underwriting leverage, and policyholder surplus appreciation in four of the past five years. Notably, policyholder surplus has improved in recent years from favorable operating performance despite a reduction in premiums written through year-end 2025. However, there are potential risks as Anchor General opts to grow its business in 2026. Anchor General’s reserve development trends have been largely favorable, with Anchor General reporting redundant reserves in six of the past nine calendar and accident years.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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 over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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