Financial Services

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Synergy Comp Receives A- Rating from AM Best

July 22, 2019

SHARON, Pa. – Synergy Comp Insurance Co. has been assigned a financial strength rating of A- by credit rating agency AM Best Co., as well as an “a-“ long-term issuer credit rating.

AM Best categorized Synergy Comp as “very strong”, reflecting its strong operating performance, limited business profile and appropriate enterprise risk management. 

“The rating affirms the work that Synergy Comp has done over the years in creating safer workplaces, adjudicating claims fairly, and maintaining 100% compliance with transitional return to work,” said the Sharon firm’s president and CEO, Lew Kachulis, in a statement. “The future is even more exciting than our past 12 years as we continue to enjoy building a financially healthy insurance company with a mission of helping others.”

Synergy Comp’s risk-adjusted capitalization is categorized as strongest by AM Best’s capital adequacy ratio, a rating bolstered by “sustained favorable reserve development patterns over the long term that has driven retained earnings.”

The balance sheet of the Sharon-based insurance company is also considered very strong aided by “elevated net underwriting leverage measures and limited financial flexibility.”

Published by The Business Journal, Youngstown, Ohio.