SINGAPORE: Global rating agency, AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of China Taiping Insurance (Singapore) Pte. Ltd (CTPIS). China Taiping Insurance is a wholly owned subsidiary of China Taiping Insurance Holdings Company Limited (CTIH), which is ultimately majority owned by China Taiping…
Category: Ratings
Corporate Ratings, Insurance Ratings, S&P, Moody’s, Fitch
KBRA assigns preliminary rating to Arby’s Funding LLC
NEW YORK: Kroll Bond Rating Agency (KBRA) announced the preliminary ratings to two note classes of Arby’s Funding, LLC, Series 2020-1, a whole business securitization. This transaction is the third whole business securitization (WBS) issued by Arby’s Funding, LLC (Issuer). In connection with its first securitization transaction in 2015, Arby’s Restaurant Group, Inc. contributed most…
New India Assurance downgraded due to deficiencies in financial reporting
SINGAPORE: The global insurance sector rating agency has revised the outlook for New India Assurance Company Limited to Negative from stable earlier, as the company’s deficiencies in financial reporting continue to result in audit qualifications. Whilst the company’s audited accounts have been qualified for several years as a result of internal control weakness in the…
AM Best affirms credit ratings of Arabia Insurance Company
LONDON: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of ARABIA Insurance Company s.a.l. (AIC) (Lebanon). The outlook of these ratings is negative. The ratings reflect AIC’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, neutral…
AM Best affirms ratings of State Automobile Mutual Insurance and its subsidiaries
OLDWICK: AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of State Automobile Mutual Insurance Company (State Auto) and its operating subsidiaries. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of State Auto’s intermediate holding company, State Auto Financial Corporation…
AM Best assigns negative outlook to Chile’s insurance industry
MEXICO CITY: Insurance sector rating agency, AM Best has assigned a negative market segment outlook to Chile’s insurance industry, citing contractions of premium volume, limited financial flexibility and regulatory changes that have diminished the attractiveness and profitability of the health and annuity segments, all of which are being exacerbated by the COVID-19 pandemic. The Best’s…
AM Best affirms credit ratings of Wright National Flood Insurance
OLDWICK: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit of “a-” of Wright National Flood Insurance Company (WNFIC) (San Antonio, TX). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect WNFIC’s balance sheet strength, which AM Best categorizes as strongest, as well as its…
AM Best downgrades credit ratings of General Insurance Corporation of India
SINGAPORE: Global rating agency AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a” of General Insurance Corporation of India (GIC Re). The outlook of the FSR has been revised to stable from negative whilst the Long-Term ICR…
Fitch Ratings affirms PhosAgro’s investment grade credit rating of BBB-/Stable
MOSCOW: PhosAgro, one of the world’s leading vertically-integrated phosphate-based fertilizer producers, announced that Fitch Ratings has affirmed its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at BBB- with a Stable outlook. In its announcement, Fitch Ratings noted the sustainability of PhosAgro’s business and its competitive advantages, including low cash cost of production and its…
U.S. insurers’ private equity holdings continue to climb
NEW YORK: U.S. insurance companies for a fourth-straight year increased their private equity holdings by nearly 10% in 2019 to $81.3 billion as this asset class remains attractive to insurers looking to diversify their investment portfolios or increase returns in the low interest rate environment, according to a new AM Best special report. The Best’s…
Stock market volatility puts focus on equity price risking Japan’s non-life insurance market
HONG KONG: High common stock leverage among each of Japan’s major non-life insurers brings systematic equity price risk into greater consideration, given the current COVID-19-driven stock market volatility, according to an AM Best special report. The Best’s Special Report, “Japan Non-Life: Robust Capitalisation to Weather Stock Market Volatility,” states that stock market volatility continues to…
U.S. insurance companies’ exposures to commercial mortgage loans crossed $522bn
OLDWICK: According to insurance sector rating agency AM Best, the U.S. life/annuity (L/A) insurance companies continued to increase their exposures to commercial mortgage loans in 2019 and now hold more than $522 billion, up significantly from $382 billion in 2015. The Best’s Special Report, titled, “Commercial Mortgage Loans Increasing, Credit Quality Decreasing,” notes that U.S….