Rating agency A.M. Best Co. has assigned an initial financial strength rating of A- (Excellent) to Professional Risks Insurance Limited (PRI), the PRI Group's newly-established company.
The rating follows the completion of a £130m initial public offering of which £120m will be used to finance PRI.
A.M. Best said the rating reflects "PRI's superior risk-based capitalisation, excellent business profile, prospective strong financial performance and experienced management team."
It cited as offseting factors, however, the logistical issues associated with establishing a new operation and the ability of the company to establish itself as a niche insurer.
