AM Best Revises Outlooks to Negative for Utica First Insurance Company
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Utica First Insurance Company (Utica First) (Oriskany, NY).
The Credit Ratings (ratings) reflect Utica First’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The revision of the Long-Term ICR to negative from stable reflects pressure on Utica First’s balance sheet strength assessment due to erosion in surplus and risk-adjusted capitalization as of the first quarter of 2026, driven by increased volatility in underwriting results. Key balance sheet metrics remain elevated relative to the company’s industry composite and reserve development trends have been mostly unfavorable over the past several years. This negative outlook further reflects pressure on the company’s current neutral business profile assessment due to elevated claim costs associated with its geographic and product concentration in the state of New York.
