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OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to a- from bbb+ of BlueShore Insurance Company (BlueShore) (Austin, TX). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect BlueShores balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings recognize the improved earnings that have been realized as BlueShore has transitioned from being a first-dollar insurance provider to primarily a default risk liability insurer, which historically has shown favorable underwriting results and limited risk exposure. As a default writer, BlueShore is not obligated to pay claims under the contract unless its primary obligors, SilverRock Automotive, Inc. or DriveTime Automotive Group, Inc. (DriveTime), default on their underlying consumer contract obligations. Currently, the vast majority of BlueShores policies are written on a default-basis, except for limited instances that require policies to be issued on a first-dollar basis. The ratings of BlueShore also reflect the explicit support received from its parent, Verde Capital Partners, LLC, as demonstrated by the parents numerous capital contributions and the capital support agreement, the latter of which was signed in 2020. BlueShore is an integral part of the organizations business plan, and the parent has provided the captive with the necessary capital support to help further expand the captives growing strategic role in providing contractual liability products to its affiliated entities. The combination of parental support and earnings retained by the company resulted in an improved level of risk-adjusted capitalization and leverage metrics. BlueShore currently writes and reinsures coverage that is complementary to the used-auto sales of its affiliate entities, Carvana and DriveTime. The companys primary product is contractual liability insurance, written on a default-basis, covering vehicle service contracts, vehicle protection products and guaranteed asset protection contracts sold or administered by an affiliated or third-party administrator on behalf of its affiliated auto dealers nationwide. The ratings could come under negative pressure if there is a deterioration in BlueShores operating performance or a material deviation from managements strategic plans. Negative rating movement could also occur following a significant deterioration in the risk-adjusted capitalization level or a withdrawal of support from the companys parent. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive. This press release relates to Credit Ratings that have been published on AM Bests 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 Bests Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings. For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases. 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 www.ambest.com. Copyright 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Answer: AM Best Upgrades Credit Ratings of BlueShore Insurance Company