AM Best Upgrades Issuer Credit Ratings of Crum & Forster Insurance Group’s Members and Monitor Life Insurance Company of New York

OLDWICK, N.J.–(BUSINESS WIRE)–#insuranceAM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of the members of Crum & Forster Insurance Group (C&F). Concurrently, AM Best has upgraded the Long-Term ICR to “a+” (Excellent) from “a” (Excellent) and affirmed the FSR of A (Excellent) of Monitor Life Insurance Company of New York (Monitor Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)

The ratings of C&F reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also reflect the benefits the group derives from its role within the larger Fairfax Financial Holdings Limited (Fairfax) enterprise.

The upgrade of the Long-Term ICRs reflects sustained improvement in C&F’s risk-adjusted capitalization and overall financial stability that have strengthened AM Best’s view of the group’s overall balance strength. Moreover, C&F’s sustained solid underwriting performance and a steadily increasing contribution from investment income increase confidence that future earnings will remain accretive to capital for the foreseeable future. Furthermore, C&F’s parent organization, Fairfax, has improved its consolidated financial position, which lessens the potential burden on C&F to service ongoing liabilities at the Fairfax level.

The ratings of Monitor Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also reflect the financial support and strategic importance to its parent, United States Fire Insurance Company, part of C&F.

The upgrade of Monitor Life’s Long-Term ICR reflects the upgrade of C&F’s Long-Term ICRs, while Monitor Life maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), absolute capital and surplus remains modest. Net premium and earnings will be relatively modest over the near term as the company started introducing a limited portfolio of group life and accident & health products late in the first quarter of 2023. Monitor Life has certificates of authority to write business in 49 states and the District of Columbia, while working on becoming licensed in the remaining state. The company distributes products through C&F’s nationwide distribution network, and C&F coordinates its ERM.

The Long-Term ICRs have been upgraded to “a+’” (Excellent) from “a” (Excellent) and the FSR of A (Excellent) affirmed with stable outlooks for the following members of Crum & Forster Insurance Group:

  • Crum & Forster Indemnity Company
  • Crum and Forster Insurance Company
  • The North River Insurance Company
  • United States Fire Insurance Company
  • Crum & Forster Specialty Insurance Company
  • First Mercury Insurance Company
  • American Underwriters Insurance Company
  • Seneca Insurance Company, Inc.
  • Crum & Forster SPC
  • Seneca Specialty Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Dan Hofmeister, CFA, FRM, CAIA, ARe
Senior Financial Analyst

+1 908 882 1893

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Christopher Sharkey
Associate Director, Public Relations
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Brian Virostek
Financial Analyst
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Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
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