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OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of bbb+ of The Providence Mutual Fire Insurance Company (Providence Mutual) (Warwick, RI). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect Providence Mutuals balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The revised outlook of the Long-Term ICR primarily reflects AM Bests concern over the effectiveness of Providence Mutuals ERM program and its ability to mitigate ongoing operational challenges. The company has been challenged by several issues over the past five years, including severe weather events and increased frequency of large losses, as well as pricing shortfalls in its personal auto business. Management has responded by implementing more restrictive underwriting guidelines, increasing attention to agency management, reducing its risk appetite for unsupported auto business and reducing coastal exposures. Despite these initiatives, volatility continues and negatively impacts its operating performance and the companys ability to generate organic surplus growth through core operations. Providence Mutuals balance sheet strength continues to be supported by its strongest level of risk-adjusted capitalization, as measured by Bests Capital Adequacy Ratio (BCAR), and historically favorable loss reserve development, partially offset by elevated common stock leverage and the aforementioned challenges to grow surplus through underwriting results. While the companys operating performance over the long term has reported a number of years with materially depressed results, its performance in most years has been marginal. The business profile reflects a portfolio that lends itself to consistent volatility, which is reflected in AM Bests assessment of limited. 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 Revises Issuer Credit Rating Outlook to Negative for The Providence Mutual Fire Insurance Company