Chesapeake Employers’ Insurance Company, the largest workers’ compensation insurance company in Maryland, announced that insurance ratings agency A.M. Best Co. has reaffirmed a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” for the company as of Dec. 9, 2014. The outlook assigned by A.M. Best to both ratings is stable.
In October 2013, Towson, Maryland-based Chesapeake Employers transitioned from an independent state agency to a non-stock, not for profit, private insurance company and received its first financial strength rating of A- (Excellent) that same year.
As the largest writer of workers’ compensation insurance in Maryland, Chesapeake Employers insures more than 20,000 employers in the state. The company, which has assets of more than $1.8 billion, employs more than 400 insurance professionals in Maryland and works with more than 1,400 independent insurance agents. The company is celebrating its 100th year in business this year.
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