By David Bull
May 15 - (The Insurer) - John Elias-led personal lines and small commercial insurance startup New England Indemnity Company (NEIC) has been assigned a preliminary credit assessment by AM Best, with a financial strength assessment of A-minus and a long-term issuer credit assessment of a-minus.
The ratings agency said that NEIC plans to write personal and commercial insurance products in New Hampshire, distributing its products exclusively through the independent agency channel with already established partners.
The carrier is also licensed by the state’s regulator to write accident and health (A&H) products but currently has no plans to write A&H business.
The PCA is based on the startup’s “very strong” balance sheet as well as its “adequate” operating performance, “limited” business profile and “appropriate” enterprise risk management, said the agency.
AM Best highlighted NEIC’s “narrow geographic and product concentrations, along with execution risk” in its business profile assessment.
It added: “The operating performance assessment is based on NEIC’s operating results that are expected to benefit from the expertise of the management team, which has longstanding partnerships in the insurance industry.”
AM Best added that the company uses a combination of per-risk excess of loss and catastrophe reinsurance coverage, as well as facultative coverage when necessary.
NEIC was licensed as a New Hampshire P&C insurance company in February 2024 and is a wholly owned subsidiary of NEIC Holding Company, with an affiliated service company called NEIC Services Company.
NEIC is led by former New Hampshire insurance commissioner Elias as president and CEO.
Elias was most recently chief underwriting officer at WR Berkley unit Acadia Insurance and is also a former State Auto vice president.
Other members of the start-up managing team on NEIC’s LinkedIn profile include former Central Insurance Companies and The Hanover underwriting executive Michelle Pezone as chief underwriting officer and James Carew as chief financial officer. Carew was most recently at Raphael & Associates.
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