In industry news:

A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to The Gray Insurance Company of Louisiana (GICLA) based in Metairie. The outlook assigned to each rating is stable. According to the Best release, GICLA is a newly formed, wholly owned subsidiary of The Gray Insurance Company (GIC). The company plans to write excess workers’ compensation, excess automobile liability, excess general liability and excess liability coverages. According to the company’s website, GIC was founded in 1948, has offices in several states around the South, and specializes in providing coverage for the Energy, Oil and Gas, Land, Marine, and USL&H, and Heavy Construction industries.

Read the full release here.

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