AM Best credits the performance review to First Indemnity Insurance Agency, Inc.

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OLDWICK, NJ–(BUSINESS WIRE)–AM Best assigned a performance rating of PA-3 (Strong) to First Indemnity Insurance Agency, Inc. (First Indemnity) (Lynn, MA). The outlook assigned to the performance evaluation (evaluation) is stable.

This rating reflects First Indemnity’s strong underwriting capabilities, strong governance and internal controls, strong financial position, strong organizational talents, and depth and breadth of relationships.

First Indemnity is a Managing General Agent (MGA) specializing in professional liability insurance in the US market. For over 30 years, First Indemnity has proven expertise in designing professional liability products for legal professionals. This experience and track record of staff development further benefits First Indemnity’s underwriting capabilities and is an advantage for partnering with capacity providers.

First Indemnity’s governance and internal controls are strong given its size and scope. First Indemnity conducts regular internal reviews, covering underwriting and compliance. Additionally, the company is subject to multiple external audits to capture service metrics from the perspective of its stakeholders and regulators. System integration with (re)insurance partners is sufficient.

The company’s financial performance indicators are considered solid. First Indemnity has posted stable and profitable overall earnings over several periods. Operations are oriented as a capital efficient small independent business. Current operations are within the financial capacity of the organization and are expected to remain so. All insurance risks are placed outside the organization with no exposure retained by First Indemnity.

The firm is staffed appropriately for its size and scope with extensive industry experience serving the professional liability needs of the legal community. The organization has a concise structure with clear and direct reporting and operational responsibilities.

First Indemnity’s program mix is ​​focused on legal industry coverage with the ability to provide coverage in all 50 states. The company has relationships with a number of highly rated capacity providers. The company’s seniority in its respective market is considered a strength.

This press release relates to performance reviews that have been posted on AM Best’s website. For all relevant release and disclosure information, including details of the office responsible for issuing each of the performance reviews referenced in this release, please visit AM Best’s website. For more information on the use and limitations of performance reviews, please see Best’s Guide to Performance Reviews for Delegated Underwriters. For more information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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