The rating of American Millers reflects its strong capitalization and operating performance in addition to the support it receives from its parent, Penn Millers. Offsetting these positive rating factors is the company’s modest business profile and dependence on Penn Millers to generate all of its business. In conjunction with downgrading American Millers’ ratings, Penn Millers’ FSR of A- (Excellent) and ICR of “a-” have been affirmed. The outlook for all ratings is stable.
All primary business is written through Penn Millers with American Millers providing excess of loss reinsurance to the parent company for property losses above $450,000 up to $500,000.
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