A.M. Best is the leading rating agency of captive insurers. Here‘s what they released about SPARTA.
In our 20 years experience writing insurance for your industry, we have never felt comfortable with a company with a rating lower than A, with a Positive outlook. In Sparta’s case, the negative outlook is caused by consecutive years of unprofitable underwriting results and an inability to build surplus as projected. The remedy for this situation is usually to raise rates and eliminate unprofitable business.
We recommend that you be cautious if you are already insured with Sparta or considering switching your coverage to this company.