AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Jet Insurance Company (Jet) (Dallas, TX). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect Jet’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings further reflect Jet’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), seasoned team of insurance professionals and targeted business profile writing nearly all transactional commercial and contract surety bond types in addition to fidelity bonds.

Jet’s predecessor (also called Jet Insurance Company [Old Jet]) was acquired by Amherst Specialty Insurance Company on Dec. 15, 2025. As part of the transaction, Jet's management team formed Apex Insurance Company, which was renamed Jet Insurance Company, and completed a loss portfolio transfer, shifting all of Old Jet’s existing liabilities to Jet. In states where Jet is not licensed, the company has a fronting arrangement with Amherst National Insurance Company to assume business produced by Jet’s wholesale and retail underwriting affiliates. The net result of the transaction is that Jet is a continuation of Old Jet with a balance sheet and operations consistent with that of Old Jet, plus $5 million of additional capital contributed to Jet.

When considering its predecessor operations, Jet has generated organic surplus growth in recent years due to profitable operating performance. The company’s balance sheet strength benefits from low limit surety bond exposure, quota share reinsurance, a relatively low risk investment portfolio, as well as strong liquidity and cash flow measures.

AM Best’s assessment of operating performance considers the company’s recent results and well-defined business plan, as well as Old Jet’s historical operating performance from inception in 2018. The company has a geographically diverse book of surety business sourced through its affiliated wholesale and retail insurance agencies, which have effectively utilized their proprietary online surety platform and database to achieve consistent growth.

AM Best expects that Jet’s business plan will be executed in line with company provided projections and with manageable deviations, and that its balance sheet strength metrics will be sustained as the company grows premiums.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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