May 26, 2016
JACKSON, MISSISSIPPI: AmFirst Insurance Company, an Oklahoma domiciled insurance company with administrative offices located in Jackson, Mississippi and its wholly owned subsidiary, Monitor Life Insurance Company of New York, have received rating upgrades from A.M. Best.
Monday, May 23rd, A.M. Best announced the upgraded financial strength rating (FSR) to A- (Excellent) from B++ (Good) and the issuer credit ratings (ICR) to “a-” from “bbb+” of AmFirst Insurance Company (AmFirst) (Oklahoma City, OK) and its wholly owned subsidiary, Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY). The outlook for each rating is stable. Additionally, A.M. Best has also assigned the FSR of B++ (Good) and the ICR of “bbb+” to TPM Life Insurance Company (TPM) (Lancaster, PA), a wholly owned subsidiary of AmFirst. The outlook assigned to each rating is stable.
The rating upgrades reflect AmFirst and Monitor Life’s premium revenue growth, geographic diversification, favorable operating earnings trend and strong risk-adjusted capital. On a combined basis, AmFirst and Monitor Life have shown a favorable long-term trend of net premium revenue. The trend is driven primarily by increased sales in their medical gap insurance and dental products through strategic partners.
The companies share comprehensive marketing and sales arrangements for business written by their insurance entities and strategic part-ners, which continue to drive new sales and facilitate market expansion and ge-ographic diversification. Pre-tax net operating income for the group has been consistently positive and operating margins from its core product line remain strong driven by top-line growth and stable loss ratios. Capital and surplus growth over the past five years in the low double digits has been achieved through re-tained earnings as a result of the combined company’s favorable operating results.
“It is very humbling when you work on a project for over 10 years and it finally comes to fruition,” said David White, AmFirst President. “The upgrade of the rat-ing for AmFirst Insurance Company and Monitor Life Insurance Company to A- (Excellent) moves us into the top echelon of all insurance companies.”
Mr. White contributes the success to many, “Our employees, carrier partners, and numerous others have been instrumental in helping us achieve this goal. We want to thank each one of them for their contributions and remind every-one, this is not the end. This is the beginning of a different chapter in our history, and an even better one.”
For more information visit AmFirst Insurance Company at http://www.amfirstinsco.com/, Monitor Life Insurance Company at http://www.monitorlife.com/, or email Communica-tions Manager Andi Davis at andi.[email protected]