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18th of May 2012

Glass solutions captive rating affirmed

Vicky Beckett 31/10/2011

Apogee Enterprises’ captive has had its financial strength rating of A- (excellent) and issuer credit rating of ‘a-‘ affirmed.
 
AM Best said the outlook for both ratings was stable.
 
The Vermont captive, Prism Assurance, was reported to have strong capitalisation and solid operating performance.
 
Prism’s strategic role within Apogee, a glass solutions company, and the substantial financial flexibility available to Prism adds to its good position.
 
The ratings also recognise the company’s balance sheet strength and conservative underwriting leverage measures.
 
Counterbalancing these positive factors is Prism’s relatively large retained insurance limits and its limited market profile as a single parent captive.

Tags: Affirmed, AM Best, Apogee, Captive, Financial credit rating, Insurance, Prism, Rating, Single parent, Vermont

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