SAN FRANCISCO, May 10, 2023 /PRNewswire/ — Foresight Commercial Insurance, the workers’ compensation provider that reduces claims frequency with proprietary safety technology, today announced that its carrier, MS Transverse Insurance Group, received upgraded credit ratings by AM Best and now holds “A” (Excellent) in both Financial Strength and Long-Term Issuer Credit Ratings. Both were upgraded from “A-” (Excellent). The full ratings are now A VIII.
This marks the second time in a year that Foresight’s writing paper was upgraded. In March 2022, MS Transverse’s reserves rating was upgraded from A- VII to A- VIII (seven to eight).
“The paper rating represents the overall financial stability and creditworthiness of the carrier and having an ‘A’ rating gives even more confidence to the marketplace,” said David Fontain, Foresight Co-Founder and CEO. “Many contracts require insureds to have coverage with a paper rating at a certain level or above. This upgrade, therefore, widens our potential market and enables us to protect more businesses.”
The rating upgrade reflects MS Transverse’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, and appropriate enterprise risk management.
“We are pleased that AM Best has recognized our progress towards building the preeminent solution for MGAs, Program Managers, and their clients. Our new involvement with MS&AD Insurance Group bodes well for us to continue this journey,” said Ric Victores, MS Transverse Head of Business Development.
For more information, visit getforesight.com.
About Foresight Commercial Insurance (Foresight):
Foresight, a monoline workers’ compensation provider, sees a future where workplace injuries are a thing of the past. Through Safesite, a proprietary, data-driven, safety engagement app and virtual consulting program, Foresight reduces claims frequency by 18% for businesses in construction, agriculture, manufacturing, and other critical industries.
About MS Transverse Insurance Group (MS Transverse):
MS Transverse is a subsidiary of MSIG North America and part of MS&AD Insurance Group Holdings, one of the 10 largest P&C insurance companies in the world. MS Transverse is dedicated to the global program market and partners with MGAs, program administrators, and general agents to offer a full suite of insurance services. MS Transverse is a global facilitator connecting and enabling partners through access to risk capacity and alternative capital on admitted and surplus lines paper. For more information, please visit transverseinsurance.com.
SOURCE Foresight Commercial Insurance