A.M. Best Withdraws Ratings of Lawyers Mutual Insurance Company of Kentucky

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of Lawyers Mutual Insurance Company of Kentucky (LMICK) (Louisville, KY). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

The rating affirmations reflect LMICK’s supportive risk-adjusted capitalization, modest operating profitability, long-standing presence in the Kentucky legal profession liability (LPL) insurance sector and the advantages afforded through its endorsement by the Kentucky Bar Association and its membership in the National Association of Bar Related Insurance Companies (NABRICO).

These factors are offset by LMICK's narrow business profile as a monoline, single state insurer, below average earnings compared with its peers, competitive market conditions and its small size, which contributes to potentially greater earnings volatility. These concerns are somewhat mitigated by management's niche expertise in the LPL insurance market, its commitment to claims service, high quality reinsurance protection and conservative reserving and investment practices.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• Risk Management and the Rating Process for Insurance Companies
• Understanding BCAR for Property/Casualty Insurers

This press release relates to rating(s) that have been published on A.M. 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 visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best
Robert E. Brokaw
Financial Analyst
908-439-2200, ext. 5771
[email protected]
or
Charles M. Huber
Managing Senior Financial Analyst
908-439-2200, ext. 5122
[email protected]
or
Christopher Sharkey
Manager, Public Relations
908-439-2200, ext. 5159
[email protected]
or
Jim Peavy
Assistant Vice President, Public Relations
908-439-2200, ext. 5644
[email protected]

Source: A.M. Best Company

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