Editor's note: This information is courtesy of A.M. Best Co. For further information, visit www.ambest.com/ratings.
A.M. Best Co. has revised the rating outlook to positive from stable and affirmed the financial strength rating of A (Excellent) for Courtesy Insurance Company (Courtesy) (Deerfield Beach, FL). Concurrently, A.M. Best has assigned an issuer credit rating of "a+" to Courtesy. The outlook assigned to this rating is positive.
The ratings and outlook reflect Courtesy’s solid capitalization, excellent historical operating performance and the additional financial benefits derived from its affiliation with JM Family Enterprises, Inc (JM Family).
These rating factors are supported by Courtesy’s favorable pre-tax operating returns, which have benefited from expense controls, pricing discipline and management’s niche market expertise in the auto warranty business. These factors are furthered by the strong balance sheet of the parent company, JM Family, a diversified automotive company with $12.2 billion in revenue and ranked by Forbes as the 22nd-largest privately held company in the United States. Lastly, Courtesy benefits from the favorable operating synergies and efficient marketing and distribution platforms provided by JM Family.
Courtesy is a property and casualty insurance company specializing in a variety of insurance products for retail automotive dealers, which insure obligations assumed under various automotive-related service products.
Courtesy is a part of JM&A Group (www.jmagroup.com), a division of JM Family Enterprises, Inc, and is one of the largest independent providers of finance and insurance (F&I) products in the automotive industry.