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A.M.Best upgrades USPlate to "A"


AMBest A - Excellent
Financial Strength: "A"             Outlook: Stable
Issuer Credit Rating: "a"           Outlook: Stable
Financial Size Category: V
A.M.Best Company Number: 11245

April 15, 2012

OLDWICK, N.J.-- A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and issuer credit rating to “a” from “a-“ of USPlate Glass Insurance Company(USPlate) (Westchester, IL). The outlook for both ratings has been revised to stable from positive.

The rating actions reflect USPlate’s sustained underwriting and operating profitability, excellent capitalization and its niche market position as the leading mono-line insurer of plate glass in the United States. These ratings also take into consideration management’s specialty underwriting expertise, prudent risk management practices and the distinct competitive advantages afforded by its long-standing reputation in this market.

These rating factors are furthered by USPlate’s risk management practices, its adoption and utilization of catastrophe modeling and its purchase of increased reinsurance coverage limits since Hurricane Wilma. This purchase was done in part to accommodate the rise in insured values, to answer demand by the company’s policyholders for higher limits and USPlate’s continued practice to limit its potential net catastrophe loss exposure to a 1-in-250-year catastrophe event.

Looking forward, negative rating actions could occur if USPlate’s capitalization falls markedly short of A.M. Best’s expectations as a result of substantial damage caused by a natural catastrophe in Florida. Given USPlate’s limited business scope, the ratings also are subject to any sudden shifts within its core market niche or a drastic change in its business profile.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; and “Catastrophe Analysis in A.M. Best Ratings.” Best’s Credit Rating Methodology can be found at

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit

Copyright © 2012 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.

A.M. Best Co.
Richelle Bryan, (908) 439-2200, ext. 5344
Financial Analyst
Joseph Roethel, (908) 439-2200, ext. 5630
Assistant Vice President
Rachelle Morrow, (908) 439-2200, ext. 5378
Senior Manager, Public Relations
Jim Peavy, (908) 439-2200, ext. 5644
Assistant Vice President, Public Relations

Source: A.M. Best Co.


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