AM Best downgrades NYSIR to A- following $90mn PHS drop on abuse claims

AM Best has downgraded New York School Insurance Reciprocal (NYSIR)’s financial strength rating (FSR) to A- from A after the policyholders surplus at the state’s largest insurer of public schools fell by 46 percent, or about $90mn, following a flood of claims tied to the New York Child Victims Act.