A.M. Best Rating Change for Gateway Insurance Company (6/14/2006)
June 14, 2006
A.M. Best Rating Change for Gateway Insurance Company
To Our Valued Agents and Brokers:
We are pleased to announce the A. M. Best upgrade at Gateway to a B+ stable with a financial size of V now that we approach $15 million in capital and surplus. Previously, Gateway had a financial size of IV which was under $10 million in capital and surplus, and the rating was B + under review with negative implications.
A. M. Best is conservative in any changes; however, they have recognized our run-off of the Hospitality and Trucking business, but they remain conservative about our exposures in the new states we will be writing soon as well as the new lines of business.
We appreciate everyone's hard work on Gateway's results as we continue growth and profitability.
Very Truly Yours
Rich Foran
President & CEO
Gateway Insurance Company
