OLDWICK: AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Synergy Insurance Company. The outlook assigned to these Credit Ratings is stable. The ratings reflect Synergy’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). As measured by Best’s Capital Adequacy Ratio (BCAR), Synergy’s risk-adjusted capitalization is categorized as strongest. This encompasses the benefit of the company’s solid operating performance trends. Balance sheet strength is considered very strong, as risk-adjusted capital is positioned by a moderate absolute surplus size and use of quota share reinsurance. Operating performance results are balanced by favorable underwriting results, evidenced by its average net combined ratio that has outperformed the property/casualty industry and investment results that are modestly lower than that of its peers. The limited business profile captures inherent legislative, judicial and regulatory risks embedded in workers’ compensation, the company’s sole line. AM Best considers Synergy’s ERM capabilities to be appropriate for the company’s risk profile. Positive rating actions could occur with sustained ongoing favorable operating performance as the company broadens its premium base. Negative rating actions could occur with deterioration in underwriting results or overall operating performance that bring Synergy’s results inline or below peer composites or outside industry trends.