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American Sentinel to front workers' comp for SUNZ
AM Best issued an A- preliminary Financial Strength Assessment and assigned an a- preliminary long-term issuer credit rating to American Sentinel, both with a stable outlook.
American Sentinel Insurance received an A- preliminary Financial Strength Assessment from AM Best as it prepares to front workers’ compensation business for parent SUNZ Insurance Company, Coverager reports.
The insurer is licensed in 49 jurisdictions, including New York, New Jersey, Oregon, and Maine, where SUNZ is not directly licensed, giving SUNZ access to additional markets through American Sentinel.
SUNZ contributed $8.5 million in capital to support the workers’ comp business plan, and American Sentinel shares SUNZ’s management team and technology platform while participating in its reinsurance program.
AM Best’s assessment cites very strong balance sheet strength, adequate operating performance, a limited business profile, and appropriate enterprise risk management, and its projections anticipate near-term profitability while noting execution risk, with both assessments effective October.