Industry Analyst A.M. Best Once Again Ranks NYSIR ‘A’
Friday, May 22, 2020
Based on what it deemed the New York Schools Insurance Reciprocal’s strong risk-adjusted capitalization, sound liquidity and high-quality risk management program, A.M. Best, the insurance industry’s standard-bearer credit-rating agency, has reaffirmed NYSIR’s ‘A’ financial strength rating.
It is reciprocal’s 25th consecutive ‘A’ rating from the New Jersey insurance analyst.
Calling it the leading writer of public-school insurance in the state of New York, A.M. Best based its latest assessment of NYSIR on a combination of balance sheet strength, overall positive business profile, enterprise risk management and strong operating performance, noting that the reciprocal had been “successful in posting 15 consecutive years of net operating profits and results that historically met or surpassed industry averages.”
Despite some underwriting challenges rooted in claims against schools linked to New York state’s 2019 Child Victim Act, the agency reported that NYSIR “benefits from its high client retention,” as well as “the significant risk management and loss-control services it provides to its members.” The analyst also noted what it called NYSIR’s superior management quality and strong liquidity.
“We’re very pleased to have been reaffirmed as an A.M. Best A-rated insurer,” said NYSIR Executive Director Robert Lulley, “and credit the experienced and dedicated school superintendents and business officials who serve on our board of governors in large part for that achievement. We look forward to continuing to serve our subscriber districts and BOCES at levels of the highest standard.”