LONDON: AM Best has reaffirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) for Suez Canal Insurance (SCI), with an Egypt National Scale Rating (NSR) of aa.EG (Superior). Despite the negative outlook due to the volatile economic and political climate in Egypt, SCI’s strong balance sheet and…
Tag: AM Best
AM Best removes from under review, upgrades ratings of insurance companies
OLDWICK: Global rating agency AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa+” from “a” of Life Insurance Company of North America and Cigna Life Insurance Company of New York. The…
AM Best
Founded in 1899, AM Best is the world’s first credit rating agency. It all began with the founder working out of a one-room office in New York City and grew to become what is now the largest credit rating agency in the world specializing in the insurance industry. Headquartered in the United States, the company…
UK commercial property insurers looking beyond difficult 2020
LONDON: Although disputes around non-damage business interruption (BI) cover, which made 2020 a difficult year for U.K. commercial property insurers, should subside in 2021, challenges remain for a sector that needs to rebuild its reputation among its small- to medium-sized enterprise (SME) clients. In a new Best’s Commentary, “UK Commercial Property Insurers —Looking Beyond a…
AM Best affirms issue credit rating of Northwind Holdings LLC
OLDWICK: AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” on the $800 million Floating Rate Insured Notes issued by Northwind Holdings LLC, a Delaware limited liability company and wholly owned subsidiary of Unum Group (Unum). The outlook of the Long-Term IR is stable. Northwind Holdings was formed for the limited…
AM Best affirms credit ratings of Eurasia Insurance Company
LONDON: Insurance sector rating agency, AM Best has affirmed the credit ratings of Eurasia Insurance Company based on company’s strong operating performance, neutral business profile and appropriate enterprise risk management. AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Eurasia Insurance Company JSC (Eurasia)…
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 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…
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…
London Life International Reinsurance assigned strong ratings with stable outlook
OLDWICK: Rating agency AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to London Life International Reinsurance Corporation (LLIRC) (Barbados). The outlook assigned to the Credit Ratings is stable. London Life is rated as part of the group rating for The Canada Life Assurance Company…
AM Best affirms credit ratings of Samsung Fire & Marine Insurance of Europe Limited
LONDON: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of Samsung Fire & Marine Insurance Company of Europe Limited (SFME) (United Kingdom). The outlook of these Credit Ratings is stable. The ratings reflect SFME’s balance sheet strength, which AM Best categorises as very strong,…