Latest news with #SafetyGroup
BBC News
20 hours ago
- BBC News
Notting Hill Carnival: Anti-terror barriers temporarily removed
A series of concrete barriers that prompted legal action when they were installed at a popular west London destination will be temporarily removed for the Notting Hill Road in Notting Hill, famous for its outdoor antiques stalls, was fitted in July with what the local council called "hostile vehicle mitigation measures" - 31 concrete barriers to deter vehicle attacks on the and Chelsea Council confirmed the blocks would be removed for two weeks from Monday, while road closures will remain on market days between 10:00 BST and 16:00 with temporary barriers being and market traders claimed the concrete barriers left them feeling "imprisoned". The council said the concrete blocks will be temporarily removed for Notting Hill Carnival "to ensure people can move freely and safely during the event".The event, held over the August Bank Holiday weekend, is one of the world's biggest outdoor events and is thought to attract up to two million people to the Notting Hill area. A council spokesperson said the barriers "will be removed between Monday 18 August and Friday 22 August following advice from the Metropolitan Police and Carnival's Safety Group to improve crowd safety."Road closures will remain in place on market days between 10am and 4pm with temporary barriers."The blocks will be reinstated by Monday 1 September, and road surfaces will be repaired as works take place."Kensington and Chelsea installed the concrete blocks at each junction between Golborne Road and Chepstow Villas. Between the blocks are temporary barriers called H-Stops, that are wheeled into place every morning, locked in their spots and then removed in the council said the temporary order allowing the barriers was introduced following counter-terrorism guidance issued by the Metropolitan Police to protect people - and said it would consult with residents over a permanent solution. Lawyers representing a group of residents sent a letter to the council, expressing their intention to challenge the Anti-Terrorism Traffic Regulation well as the barriers, vehicles have also been banned from using the road between 10:00 and 16:00 for either three or seven days a week, depending on the section of the say the measures, which were introduced over fears of vehicles being driven into pedestrians, means emergency services, delivery trucks and taxi cabs are unable to reach Carnival parade takes place along a three-mile (5km) route around Notting Hill on Bank Holiday Sunday and features masquerade dancing, soca, calypso, steel bands and sound systems, and attracts huge crowds of spectators. Roads near the route are closed throughout the weekend due to the high number of people attending.
Yahoo
20-06-2025
- Business
- Yahoo
AM Best Downgrades Issuer Credit Rating of Safety Insurance Group, Inc. and Its Key Subsidiaries
OLDWICK, N.J., June 20, 2025--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a" (Excellent) from "a+" (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company and Safety Northeast Insurance Company. The outlook of the Long-Term ICRs has been revised to stable from negative while the outlook of the FSR is stable. Collectively, these companies are referred to as Safety Group. At the same time, AM Best has downgraded the Long-Term ICR to "bbb" (Good) from "bbb+" (Good) of Safety Insurance Group, Inc. (Delaware) [NASDAQ/GS: SAFT], the publicly traded parent of Safety. The outlook of the Long-Term ICR has been revised to stable from negative. All companies are domiciled in Boston, MA, except where specified. The Credit Ratings (ratings) reflect Safety's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The Long-Term ICR downgrades reflect a trend of deterioration in Safety Group's risk-adjusted capitalization position since year-end 2021, as measured by Best's Capital Adequacy Ratio (BCAR). This reduction is attributed to the group's absolute surplus level declining while net written premium, net reserves and Safety Group's probable maximum loss estimate have all increased since. Inflationary trends and rate increases have also had a significant impact. Ultimately, these factors have led to Safety Group's risk-adjusted capitalization position declining to the strong level following 1Q 2025, down from the strongest level at year-end YE 2021. Company management has indicated its strategic goal is to remain within the strong range. AM Best assesses Safety Group's operating performance as strong due to five-year average pretax and total returns on revenue and equity that compare favorably with AM Best's private passenger and homeowners' composite averages. The group's five-year average combined ratio remains below breakeven and outperforms the composites as well. AM Best assesses Safety Group's business profile as neutral due to its consistent position as a top five carrier in the personal auto, commercial auto and homeowners' market in Massachusetts with a modestly diverse product offering. AM Best also views Safety Group's ERM as appropriate, supported by its comprehensive risk management framework that is well-documented in its Own Risk Solvency Assessment report. 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 Justin Aimone Financial Analyst +1 908 882 1595 Christopher Draghi Director +1 908 882 1749 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
20-06-2025
- Business
- Business Wire
AM Best Downgrades Issuer Credit Rating of Safety Insurance Group, Inc. and Its Key Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to 'a' (Excellent) from 'a+' (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Safety Insurance Company, Safety Indemnity Insurance Company, Safety Property and Casualty Insurance Company and Safety Northeast Insurance Company. The outlook of the Long-Term ICRs has been revised to stable from negative while the outlook of the FSR is stable. Collectively, these companies are referred to as Safety Group. At the same time, AM Best has downgraded the Long-Term ICR to 'bbb' (Good) from 'bbb+' (Good) of Safety Insurance Group, Inc. (Delaware) [NASDAQ/GS: SAFT], the publicly traded parent of Safety. The outlook of the Long-Term ICR has been revised to stable from negative. All companies are domiciled in Boston, MA, except where specified. The Credit Ratings (ratings) reflect Safety's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The Long-Term ICR downgrades reflect a trend of deterioration in Safety Group's risk-adjusted capitalization position since year-end 2021, as measured by Best's Capital Adequacy Ratio (BCAR). This reduction is attributed to the group's absolute surplus level declining while net written premium, net reserves and Safety Group's probable maximum loss estimate have all increased since. Inflationary trends and rate increases have also had a significant impact. Ultimately, these factors have led to Safety Group's risk-adjusted capitalization position declining to the strong level following 1Q 2025, down from the strongest level at year-end YE 2021. Company management has indicated its strategic goal is to remain within the strong range. AM Best assesses Safety Group's operating performance as strong due to five-year average pretax and total returns on revenue and equity that compare favorably with AM Best's private passenger and homeowners' composite averages. The group's five-year average combined ratio remains below breakeven and outperforms the composites as well. AM Best assesses Safety Group's business profile as neutral due to its consistent position as a top five carrier in the personal auto, commercial auto and homeowners' market in Massachusetts with a modestly diverse product offering. AM Best also views Safety Group's ERM as appropriate, supported by its comprehensive risk management framework that is well-documented in its Own Risk Solvency Assessment report. 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.
