Stillwater Insurance Group downgraded by AM Best

AM Best downgraded the Financial Strength Rating of Stillwater Insurance Company and its subsidiary Stillwater Property and Casualty Insurance Company from A- to B++, citing continued underwriting losses from fire and weather events, inflation, and supply chain disruptions. The group’s parent, WT Holdings, also saw its credit rating lowered. Stillwater’s homeowners line, which makes up over 70% of its premium, was hit hardest. The outlook for Stillwater’s financial strength is now stable, while its issuer credit ratings remain negative.

Mark Davey, President and CEO of Stillwater Insurance Group , shared the following message with the company’s agency partners: