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HARTFORD, Conn.Newly launched SPARTA Insurance Co. has been assigned an A- financial strength rating by A.M. Best Co. Inc.Hartford, Conn.-based SPARTAan acronym for Specialty Program and Risk Transfer Alternativesrecently purchased Canton, Mass.-based American Employers Insurance Co.
The new company will provide property/casualty insurance and alternative risk transfer products. George L. Estes III serves as SPARTA's chief executive officer.
In a statement, Oldwick, N.J.-based Best noted that SPARTA's rating reflects the company's "excellent capitalization, experienced management team, stringent underwriting guidelines, conservative business plan and state-of-the-art technology."
However, the insurer's entrance during a softening market and "the potential inability for it to attract the targeted business required to grow the company" partially offset those factors, Best said.