AM Best announced on September 30, 2025, that it has placed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of First Guard Insurance Company under review with developing implications. First Guard is a subsidiary of Biglari Holdings Inc.
This action follows the approval of a quota share reinsurance agreement submitted to the Arizona Department of Insurance. The agreement establishes a reinsurance relationship between First Guard and Biglari Reinsurance Ltd. (Biglari Re), a recently established Bermuda-licensed affiliated reinsurer.
Biglari Re is part of the Biglari Insurance Group Inc., which is a well-capitalized entity with approximately $395 million in contributed capital from its ultimate parent, Biglari Holdings Inc. The 'under review with developing implications' status considers the expected inclusion of First Guard into this new group with a much larger capital base, which is anticipated to afford First Guard added financial flexibility and improved risk-adjusted capitalization.
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