Capstone Specialty Insurance receives AM Best credit ratings after State National pool inclusion
Capstone Specialty Insurance Company is entering 2026 with new financial ratings tied to its role within State National Group's existing underwriting structure. The insurer receives an A financial strength rating and an "a+" long-term issuer credit rating from AM Best, both with stable outlooks.
Highlights
- AM Best assigned Capstone Specialty Insurance stable credit ratings following its inclusion in State National Group's pooling agreement effective January 1, 2026.
- Capstone's ratings reflect State National's evaluated balance sheet strength as strongest, strong operating performance, neutral business profile, and appropriate enterprise risk management.
- Capstone's financial strength and credit profile are now closely tied to State National's platform due to its role supporting excess and surplus lines business within the group.
Ratings linked to 2026 pooling arrangement
As reported by AM Best, the ratings reflect Capstone's recent inclusion in the existing pooling agreement of State National Group, a unit of Markel Group Inc., effective Jan. 1, 2026. AM Best says the assigned outlook for both credit ratings is stable.The agency says the assessment is based on State National's balance sheet strength, which it evaluates as strongest, alongside strong operating performance, a neutral business profile and appropriate enterprise risk management. Because Capstone is part of the pooling agreement, its operating performance and financial strength reflect those of the pool as a whole.
Support for excess and surplus lines business
Capstone provides property and casualty coverages on an excess and surplus lines basis in support of State National's agents. That operating role places the company within a specialty insurance segment that serves risks not typically written in the standard market.The rating action ties Capstone's credit profile closely to the broader State National platform, indicating that its financial standing is being evaluated within the group's established structure rather than on a fully standalone basis.
Flood Re’s growing strain in the UK highlighted how more high-value homes entering the government-backed flood reinsurance scheme are pushing up repair costs and shifting subsidies toward expensive properties. Our earlier article noted that Flood Re is seeking powers to raise premiums faster than inflation and potentially cap claims on costly homes, as policymakers weigh changes amid rising flood risk and broader credit implications.
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