AM Best has assigned a Performance Assessment (assessment) of PA-4 (Fair) to Edward William Insurance Services LLC (EW) of the United States, with a stable outlook.
The assessment highlights EW’s strengths in underwriting capabilities, particularly in the marine yacht coverage segment, supported by two decades of profitable operations through its predecessor agency in Spain, now known as Keane Marine Management SL. However, the company faces challenges including weak governance and internal controls, fair financial condition, fair organizational talent, and limited depth and breadth of relationships.
EW operates as a delegated underwriting authority enterprise (DUAE) regulated in Delaware since its establishment in 2021. While benefiting from strong management expertise in its niche, EW’s transition from European operations to a broader scope since 2021 may lead to increased operational costs and performance volatility. The assessment notes a moderate level of technological integration in underwriting processes.
Governance at EW is still evolving, reflecting its small size with oversight primarily managed at the board level. The company also faces risks from its dependence on key individuals without formal risk mitigation policies. Financially, EW shows stability with no debt, a history of reinvesting earnings, and strong retention rates, yet it lacks income diversification across products.
EW operates with a minimal staff, outsourcing activities to Keane Marine Management SL. While expertise in marine yacht coverage is robust, organizational development is ongoing. The company’s single-program focus and dependency on a sole carrier partner pose challenges in relationship depth and breadth.
This press release is available on AM Best’s website, providing comprehensive details on Performance Assessments and their limitations. AM Best, a global leader in insurance industry analytics and ratings, operates worldwide from its U.S. headquarters and regional offices. For more information, visit www.ambest.com.
