A.M. Best Company, a worldwide insurance-rating and information agency, has assigned an A- (Excellent) XII with a “stable outlook” rating to SCF Arizona and its wholly-owned subsidiaries (SCF American Insurance Company, SCF Western Insurance Company, SCF Indemnity Insurance Company, SCF General Insurance Company, SCF National Insurance Company, SCF Premier Insurance Company and SCF Casualty Insurance Co.)
The company’s ratings are an indication of its “solid risk-adjusted capitalization, improving operating performance and prominence within the Arizona workers compensation marketplace,” according to the A.M. Best news release.
SCF President & CEO Don Smith described the rating as “a milestone we’ve all been working towards for several years. All our efforts – from our employees to our executives – over the last several years have prepared us for this moment and this Excellent rating. We are now well-positioned for a bright future,” Smith said.
The A.M. Best assignment was made officially to CopperPoint Mutual Insurance Company, which is doing business as SCF Arizona. However, SCF will begin the process of changing its name to CopperPoint Mutual at the end of this year.
The A- “Excellent” rating is indicative of SCF’s successful navigation from being Arizona’s state workers compensation fund to becoming a private mutual insurance carrier. Pursuing and receiving an A.M. Best rating was an integral part of the company’s strategy to be competitive.
The leading provider of workers compensation insurance in the state since 1925, SCF provides coverage to more than 20,000 Arizona businesses and their employees. It has more than $3.7 billion in assets and has no debt. SCF has earned recognitions as an Economic Engine and active corporate citizen. It partners with more than 30 business and industry associations statewide to provide safety training and support.