ST. PETERSBURG, Fla., Nov. 11, 2020 /PRNewswire/ — T.H.E. Insurance Company (T.H.E.), an AXA XL insurance company and our McGowan Allied Specialty Insurance partner, has been upgraded to A+ (Superior) / XV by AM Best. Read A.M. Best’s announcement for more details.
Many organizations look to the AM Best rating to affirm an insurance company’s ability and economic wherewithal to resolve its long-term liabilities. This recent AM Best upgrade to A+ XV affirms the financial strength of AXA XL and its insurance companies like T.H.E., to keep their obligations to their clients in the Amusement and Entertainment segments.
The McGowan Companies entered into a joint venture with AXA XL to form McGowan Allied Specialty Insurance in February 2020. This joint venture brought together 35 years of collective in-depth industry expertise to provide insurance to amusement parks, arcades, bowling centers, carnivals, and more.
This rating upgrade puts McGowan Allied Specialty Insurance in a unique position to secure client relationships with major league sports, sanctioning bodies, and large spectator venues, most of which require higher solvency rating by third parties, such as A.M. Best, of their insurers.
“We are thrilled to share news of this rating upgrade of one of our trading partners because we’re excited about the additional opportunities it presents to work with new clients while providing financial reassurance to our existing clients,” said Lee Stacey, Managing Director at McGowan Allied.
SOURCE McGowan Allied Specialty Insurance