Latest news with #RFIG
Yahoo
23-05-2025
- Business
- Yahoo
AM Best Revises Outlooks to Positive for RetailFirst Insurance Group's Affiliates
OLDWICK, N.J., May 23, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of RetailFirst Insurance Company (RFIC) and BusinessFirst Insurance Company (BFIC), which are affiliates of RetailFirst Insurance Group (RFIG) and are domiciled in Lakeland, FL. The Credit Ratings (ratings) reflect RFIG's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The positive outlooks reflect the sustained improvement in RFIG's operating performance, which AM Best assesses as adequate, driven by strong underwriting gains in each of the past five years, which has trended toward peers that AM Best assesses with a strong operating performance. In 2024, RFIG generated a net underwriting gain of approximately $11.7 million, which resulted in an overall combined ratio of 92.8%. RFIG's improved underwriting results over the most recent five-year period reflect favorable loss experience, as well as quicker claim closure rates and favorable reserve releases. Additionally, despite continued rate decreases throughout the group's operating territory, RFIG's five-year compound annual growth rate in direct written premium is 5.7%. The positive outlooks further reflect AM Best's expectation that RFIG's operating performance will continue to benefit from favorable underwriting results and outperform similarly rated peers. RFIG is a mono-line workers' compensation insurance carrier concentrated in the Southeast United States, specifically Florida. RFIC operates only in Florida, while BFIC provides geographic diversification into several other states. Since its inception, RFIG's administrator has been Summit Consulting, LCC (Summit). RFIG maintains a managing general agent agreement with Summit in which Summit provides complete administrative services to the company, including agency relations, marketing, underwriting, policy issuance and administration, claims and managed care administration, loss prevention, premium auditing, information technology, and financial management. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Cristian SieiraSenior Financial Analyst+1 908 882 Raymond ThomsonAssociate Director+1 908 882 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
Business Wire
23-05-2025
- Business
- Business Wire
AM Best Revises Outlooks to Positive for RetailFirst Insurance Group's Affiliates
BUSINESS WIRE)-- AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of 'a-' (Excellent) of RetailFirst Insurance Company (RFIC) and BusinessFirst Insurance Company (BFIC), which are affiliates of RetailFirst Insurance Group (RFIG) and are domiciled in Lakeland, FL. The Credit Ratings (ratings) reflect RFIG's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The positive outlooks reflect the sustained improvement in RFIG's operating performance, which AM Best assesses as adequate, driven by strong underwriting gains in each of the past five years, which has trended toward peers that AM Best assesses with a strong operating performance. In 2024, RFIG generated a net underwriting gain of approximately $11.7 million, which resulted in an overall combined ratio of 92.8%. RFIG's improved underwriting results over the most recent five-year period reflect favorable loss experience, as well as quicker claim closure rates and favorable reserve releases. Additionally, despite continued rate decreases throughout the group's operating territory, RFIG's five-year compound annual growth rate in direct written premium is 5.7%. The positive outlooks further reflect AM Best's expectation that RFIG's operating performance will continue to benefit from favorable underwriting results and outperform similarly rated peers. RFIG is a mono-line workers' compensation insurance carrier concentrated in the Southeast United States, specifically Florida. RFIC operates only in Florida, while BFIC provides geographic diversification into several other states. Since its inception, RFIG's administrator has been Summit Consulting, LCC (Summit). RFIG maintains a managing general agent agreement with Summit in which Summit provides complete administrative services to the company, including agency relations, marketing, underwriting, policy issuance and administration, claims and managed care administration, loss prevention, premium auditing, information technology, and financial management. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Local Spain
05-03-2025
- Local Spain
What you need to know about Spain's upcoming train strikes
If you're visiting Spain within the next month or live here and have plans to travel around by train, you'll need to be aware of the upcoming Renfe and Adif walkouts, which will affect rail travel throughout the country. When will the strikes take place? Staff have planned seven days of stoppages. These occur between March 17th and April 3rd. The 24-hour strike days will be March 17th, March 26th and April 1st. On March 19th, services will be suspended from 6am to 9am, from 2pm to 5pm, and from 9pm to 11pm. On March 24th, Renfe trains will not operate from 6:30am to 9:30am, from 2:30pm to 5:30pm, and from 8:30pm to 10:30pm. On March 28th, the services will be suspended from 6am to 9am, from 1:30pm to 4:30pm, and from 8:30pm to 11pm. And on April 3rd, the stoppages will be from 6:30am to 9:30am, from 2:30pm to 5:30pm, and from 9pm to 11pm. Which services will the nationwide train strike affect? The strike will affect various rail services across the whole country, including Cercanías (Rodalies in Catalonia), medium-distance and long-distance trains. The specific impact on each service will depend on the time slots of the strikes and the measures adopted by Renfe and Adif to guarantee minimum services. Renfe is Spain's state-run rail operator and Adif is the country's public rail infrastructure manager. Both companies have urged the Ministry of Transport to respect the signed agreements and guarantee the stability and continuity of the railway services, but it remains to be seen exactly what minimum services will remain in place. Passengers using Rodalies in Catalonia could experience greater disruptions due to the reasons behind the walkout. Why are they striking? Renfe and Adif workers are protesting the way in which the Rodalies powers are being transferred to the Government of Catalonia. This was part of the pact that Pedro Sánchez signed with the Catalan separatist parties back in 2023 in order to gain an absolute majority with which to form a government. It established that control of the Rodalies network would be transferred to Catalonia progressively, over the following few years. Unions representing Renfe and Adif workers believe that the Spanish government has breached the agreements that led to the cancellation of the strike in November 2023. This isn't the first time they call a rail strike as a result. In their document, the unions refer specifically to the exclusion of the R1 line in Catalonia from the General Interest Railway Network (RFIG) that was announced on February 17th. They believe it represents "a reduction of safety standards and the loss of interoperability with the rest of the Spanish and European railway network" on lines that have been financed with European funds. They say that it could even lead to "penalties for non-compliance" with the conditions under which the aid was granted. The unions state that instead of improving the services, it will increase the costs that will ultimately fall on residents. This is because Catalonia intends to duplicate the corporate structure of the company with a new president, directors and parallel bodies to provide a service that is already offered by a public company. This duplication will also affect the purchase of trains, materials, circulation, security facilities, training and qualifications, they explained. The current framework allows the service to be managed and improved by maintaining Renfe and Adif as operators. What should I do if I need to travel on those days? Firstly, try not to plan long rail journeys for those dates as you may find it very frustrating. If you absolutely need to travel on the strike dates, you should check the status of your train in advance and consider alternative transport if necessary.
