Hi Ken,
I have some very exciting news to share with you and your readers, especially those who are Security America Risk Retention Group policy holders.
As of April 1st, 2010, A.M. Best, the definitive rating authority for financial institutions and insurance companies issued SARRG a “B++” rating for its general liability with errors & omissions (GL/E&O) insurance business tailored for the electronic security and low voltage industries. As well as an investment quality bond rating of “bbb”, which is an investment grading if the company was to consider issuing bonds to raise additional capital, which it has no plans at this time.
Both ratings are also accompanied with an “outlook” statement of “stable” which is a forward looking statement of potential future performance.
This is a major accomplishment and underscores the management policies for underwriting, claims management, risk reduction and corporate compliance with the 50 State Insurance Regulators. Rarely has a RRG been so fortunate to receive such a rating in its first 6 years of operations.
This also reinforces our statement of commitment to the electronic security and low voltage industries to provide meaningful programs and be viewed as a stable provider of the business essentials for those companies that operate within the best practices, such as use of attorney drafted contracts (such as those found at www.alarmcontracts.com) and the use of approved training programs from manufacturers and the industry associations such as ESA (formally the NBFAA). We are hopeful that we will soon be adding underwriting credits in the near future for CSAA provided educational programs as well.
ABOUT SECURITY AMERICA RRG
Security America Risk Retention Group (RRG) is an insurance company developed by the Electronic Security Association (ESA), managed by Marsh's Captive Solutions Group and administered through Beecher Carlson. Security America RRG was formed in 2003 to provide affordable and stable insurance coverage exclusively to ESA member companies. Domiciled in Vermont, Security America RRG is registered in all 50 U.S. states. For more information, call (866) 315-3838 or visit www.securityamericarrg.com
Bart A. Didden
Member Board of Directors & Executive Claims Manager
Security America Risk Retention Group