RetailFirst Insurance Group Earns B++ (Good) Rating from A.M. Best

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Oct 05, 2011, 03:11 ET

LAKELAND, Fla., Oct. 5, 2011 /PRNewswire/ -- RetailFirst Insurance Group announced today that it has received a financial strength rating of B++ (Good) from A.M. Best Company, the world's oldest and most authoritative insurance rating and information source.

The rating is based on the consolidated financial results of RetailFirst Insurance Company and BusinessFirst Insurance Company, which operate under an intercompany reinsurance pooling arrangement, collectively referred to as RetailFirst Insurance Group. RetailFirst and BusinessFirst are Florida-based monoline workers' compensation carriers, with total assets of $269.8 million, and a policyholder surplus of $128.3 million as of June 30, 2011. Both are backed by a top-rated reinsurance company, Midwest Employers Casualty Company rated A+ (Superior) by A.M. Best.

Thomas S. Petcoff, president of the companies, notes, "RetailFirst and BusinessFirst have delivered over $94.0 million in policyholder dividends to our safety-conscious policyholders. This outstanding performance is evidence of our disciplined management approach. We're proud that our companies provide a stable marketplace for eligible employers and the independent agents that serve them."

According to A.M. Best, "the rating reflects RetailFirst's strong capitalization, solid operating profitability measures and management's disciplined operating philosophy."

The B++ (Good) rating is assigned to companies that have a "good ability to meet their ongoing insurance obligations" when compared to A. M. Best standards. The B++ classification means RetailFirst Insurance Group is within A.M. Best's "secure" rating group.

Together RetailFirst and BusinessFirst insure more than 11,000 businesses throughout Florida and the southeastern United States. The day-to-day operations of both companies are managed by Summit Consulting Inc., a workers' compensation managing general agent with more than 30 years of experience.

Workers' compensation business submissions for RetailFirst are now being accepted through independent agents in Florida. For BusinessFirst, independent agents can submit workers' compensation business in Florida, Kentucky, North Carolina and Tennessee. Information on agency appointments is available by calling Summit's Agency Relations department at 1-800-282-7648. For more information about RetailFirst and BusinessFirst, visit summitholdings.com.

SOURCE RetailFirst Insurance Group