High Financial Strength Rating Awarded to Electronic Security Association’s Insurance Company, Security America RRG
B++ rating from A.M. Best earned for solid financial performance
Irving, Texas, April 9, 2010 - The strength of insurance provider Security America Risk Retention Group (Security America RRG) was recently confirmed when the company was assigned a financial strength rating of B++ and a credit rating of "bbb” from credit ratings analyst A.M. Best Company. An outlook of ‘stable’ was assigned to both ratings. Security America RRG is the insurance company founded in 2003 by the Electronic Security Association (ESA) to provide its members affordable general liability/errors and omissions insurance coverage.
According to A.M. Best, the ratings are a reflection of Security America RRG’s good capitalization, experienced management team, and positive operating and profitability ratios. Security America RRG has met A.M. Best’s stringent requirements for early, rapid growth of premiums written. The ratings acknowledge the company’s ability to meet higher capitalization requirements.
While the program has been around for almost seven years, the rating is new. The Security America RRG board members have been working with A.M. Best to secure a rating due to the number of members that are sometimes required, by contract, to have coverage from a "rated” company.
"In order to maintain a long-time government contract, I needed an insurance company with a ‘B’ rating and was forced to leave Security America. But now, with this even higher rating, I’m switching back before my renewal date. I’ve missed the excellent service and pricing that is the hallmark of Security America,” said Dan Budinoff, president of Security Specialists in Stamford, Conn.
"These are very strong results,” said Security America RRG President Cecil Hogan. "We are pleased that A.M. Best has recognized Security America’s secure financial position with a B++ rating.”
Formerly the NBFAA, the Electronic Security Association (ESA) is the largest and longest established trade association representing the electronic life safety and security industry. Member companies install, integrate and monitor intrusion and fire detection, video surveillance and electronic access control systems for commercial, residential, industrial and governmental clients. In cooperation with an alliance of chapter associations, ESA provides technical and management training, government advocacy and delivers information, advice, tools, and services that members use to grow their businesses and prosper. ESA may be reached at (888) 447-1689 or on the Web at www.ESAweb.org.
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.
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