Incline gets new E&S insurer rated by AM Best

Global credit rating agency AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Incline’s new Excess and Surplus (E&S) insurer, Incline Americas Insurance Company (Incline Americas).

The outlook assigned to these Credit Ratings (ratings) is stable.

At the same time, Best has also affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Incline Casualty Company and Incline National Insurance Company, with the outlook of these ratings also being stable.

Collectively, these companies are referred to as Incline Insurance Group and domiciled in Austin, TX.

According to the agency, the ratings reflect Incline Insurance Group’s balance sheet strength, which Best assesses as being very strong.

Best also cited the group’s adequate operating performance, limited business profile and appropriate enterprise risk management.

Moreover, Best explained that the ratings assigned to Incline Americas recognise its strategic importance role as the group’s new carrier for E&S lines program business.

From what we understand, Incline Americas will receive the explicit support from Incline group in the form of reinsurance pooling agreements.

Incline Americas is set to begin underwriting E&S business in Texas during the second quarter of 2024.

Best also noted that Incline Americas will benefit from start-up capital injections from the group.

While the agency expects balance sheet and operating performance measures to be in line with the group provided projections, “the scaling of operations could present challenges in achieving planned operating results and will likely reduce the company’s level of risk-adjusted capitalization over the near term,” Best stated.

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