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A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to The Gray Insurance Company of Louisiana (GICLA) in Metairie, La. The outlook assigned to each rating is stable.

GICLA is a newly formed, wholly owned subsidiary of The Gray Insurance Co. (GIC). It plans to write excess workers’ compensation, excess automobile liability, excess general liability and excess liability coverages.

The ratings assigned to GICLA reflect the existence of a 100 percent intercompany quota share reinsurance agreement with GIC, effective July 1, 2016. As a result of this agreement, GICLA is a rating unit member of Gray Insurance Group (Gray).

Future positive rating actions may result if Gray outperforms expectations for an extended period of time.

Negative rating actions could result if the Gray’s operating performance falls markedly short of A.M. Best’s expectations, which may or may not be coupled with a significant weakening of risk-adjusted capitalization.

Source: A.M. Best

Topics Louisiana