AM Best revised the outlook for Golden Bear Insurance Company from stable to negative, while the ratings agency affirmed the carrier’s Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent). The ratings reflect Stockton, California-based Golden Bear’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. “In addition, the negative outlooks reflect concerns with the efficacy of GBIC’s ERM practices when it comes to managing reserve developments. “The expectation is for these initiatives to gain traction to alleviate pressure on GBIC’s operating performance and ERM,” AM Best stated. AM Best assesses Golden Bear’s business profile as neutral as the company is a specialty insurance writer, offering surplus lines coverage across the U.S. and admitted coverage in California and Arizona.