AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Journey Insurance Company (Journey) (St. Petersburg, FL). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Journey’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Journey is majority owned by United Insurance Holdings Corp. (United) [NASDAQ: UIHC]. Journey was created in 2018 to take advantage of market opportunities within Florida, Texas and South Carolina, specifically regarding property coverage. The company’s balance sheet strength assessment is influenced by the infusion of significant capital intended to support its growth as it relates to underwriting, credit and investment risks. United provides strategic administration and operational support as it pertains to underwriting, ERM, claims, leadership and other functions. The ratings and outlooks consider