In local news:

A.M. Best has revised Baton Rouge-based Stonetrust Commercial Insurance Company’s outlook to negative from stable, and affirmed the financial strength rating (FSR) of B++ (Good) and the issuer credit rating (ICR) of “bbb.” According to A.M. Best’s press release on the move, “The revision of the outlook to negative reflects the sizeable deterioration of risk-adjusted capitalization within the year, mainly driven by adverse reserve development on previous accident years. The decline in risk-adjusted capitalization is further accentuated by the company’s mono-line concentration risk in the workers’ compensation sector as it relates to pricing and market competition. The ratings for Stonetrust reflect its historically favorable operating and underwriting performance which outperform the industry composite due to the experience within its niche workers’ compensation space.”

Read the full release here.

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