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OLDWICK, N.J.--A.M. Best Co. Inc. on Friday assigned an A- rating on to Richmond, Va.-based Max Specialty Insurance Co., a newly-established excess and surplus lines insurer whose ultimate parent is Hamilton, Bermuda-based Max Re Capital Ltd.
Best said the rating reflects solid capitalization, a sound business plan and a strong management team, and meets Best's requirements for new company formations.
Earlier this week, Chicago-based Fitch Ratings assigned Max Specialty an 'A' insurer financial strength rating.
Max Re Capital--which is seeking shareholder approval to change its name to Max Capital Group Ltd.--announced in December its plans to establish a U.S.-based excess and surplus lines platform. Stephen J. Vaccaro was named the operation's president and chief executive officer.
Max Specialty will focus on middle-market business, a Max Re spokesman said. The reinsurer already writes excess and surplus lines business for Fortune 1000 companies through its Hamilton and Dublin, Ireland offices, he said.