A.M. Best has assigned a "bb" issuer credit ratingto Conifer Holdings Inc.
The outlook is negative.
The rating agency also affirmed the B++ financial strength ratingand "bbb" issuer credit rating of ConiferInsurance Co. and the B+ financial strength rating and "bbb-"issuer credit rating of Conifer Insurance affiliate White Pine Insurance Co.
The outlook on Conifer Insurance is negative, while the outlookon White Pine Insurance is stable.
A.M. Best said the rating of Conifer Holdings reflects standardnotching from its lead insurance subsidiary, Conifer Insurance, and the outlookreflects the linkage of the parent's rating to that of its unit.
The ratings of the units reflect supportive risk-adjusted capitalization,satisfactory liquidity, manageable underwriting leverage and an improving businessprofile. The negative outlook on Conifer Insurance reflects the recent history ofunfavorable operating results generated prior to 2015 and the execution risk inturning these around as the company grows, A.M. Best said. The stable outlook onWhite Pine Insurance reflects its recent and short history of favorable operatingresults under current Conifer Holdings management.