Credit rating agencies

AM Best Comments on Credit Ratings of Intact Financial Corporation Following Transaction Announcement

Friday, June 11, 2021 - 10:13pm

AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of aa- (Superior) of Intact Insurance Company (Ontario, Canada) and the subsidiaries of Intact Financial Corporation (Intact) remain unchanged following the recent announcement of the definitive agreement along with its partner Tryg A/S to sell Codan Forsikring A/Ss Danish business to Alm.

Key Points: 
  • AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of aa- (Superior) of Intact Insurance Company (Ontario, Canada) and the subsidiaries of Intact Financial Corporation (Intact) remain unchanged following the recent announcement of the definitive agreement along with its partner Tryg A/S to sell Codan Forsikring A/Ss Danish business to Alm.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Places Credit Ratings of Blue Cross Life Insurance Company of Canada Under Review with Negative Implications

Friday, June 11, 2021 - 6:47pm

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Blue Cross Life Insurance Company of Canada (BCLIC) (Moncton, New Brunswick, Canada).

Key Points: 
  • AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Blue Cross Life Insurance Company of Canada (BCLIC) (Moncton, New Brunswick, Canada).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Downgrades Credit Ratings of Trans City Casualty Insurance Company and Trans-City Life Insurance Company

Friday, June 11, 2021 - 6:03pm

AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to bbb+ (Good) from a- (Excellent) for Trans City Casualty Insurance Company (TCC) and Trans-City Life Insurance Company (TCL).

Key Points: 
  • AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to bbb+ (Good) from a- (Excellent) for Trans City Casualty Insurance Company (TCC) and Trans-City Life Insurance Company (TCL).
  • The outlook of these Credit Ratings (ratings) has been revised to stable from negative.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .

AM Best Affirms Credit Ratings of MS&AD Insurance Group Holdings, Inc.’s Main Operating and US Subsidiaries

Friday, June 11, 2021 - 5:25pm

These companies are owned ultimately by MS&AD Insurance Group Holdings, Inc. (MS&AD), a major non-life insurance group based in Japan.

Key Points: 
  • These companies are owned ultimately by MS&AD Insurance Group Holdings, Inc. (MS&AD), a major non-life insurance group based in Japan.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

AM Best Affirms Credit Ratings of DTRIC Insurance Company, Limited and DTRIC Insurance Underwriters, Limited

Friday, June 11, 2021 - 3:50pm

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of a- (Excellent) of DTRIC Insurance Company, Limited (DTRIC), and its reinsured affiliate, DTRIC Insurance Underwriters, Limited.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of a- (Excellent) of DTRIC Insurance Company, Limited (DTRIC), and its reinsured affiliate, DTRIC Insurance Underwriters, Limited.
  • The ratings reflect DTRICs balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .

AM Best Upgrades Credit Ratings of Security Mutual Insurance Company and Pittstown Cooperative Fire Insurance Company

Friday, June 11, 2021 - 1:38pm

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to a (Excellent) from a- (Excellent) of Security Mutual Insurance Company (Security Mutual) and Pittstown Cooperative Fire Insurance Company (Pittstown) (collectively referred to as Security Mutual Group).

Key Points: 
  • AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to a (Excellent) from a- (Excellent) of Security Mutual Insurance Company (Security Mutual) and Pittstown Cooperative Fire Insurance Company (Pittstown) (collectively referred to as Security Mutual Group).
  • The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .

ESAs publish amended technical standards on the mapping of ECAIs

Friday, June 11, 2021 - 12:03am

10 June 2021

Key Points: 
  • 10 June 2021

    Joint Committee

    The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).

  • Since the adoption in 2019 of the ITS on the mapping of credit assessments of ECAIs, two additional CRAs have been recognised and a number of CRAs have ben de-registered.
  • The ITS have therefore, been amended to reflect the allocation of appropriate risk weights to the newly established ECAIs, and to remove the reference to the de-registered ECAIs.
  • In particular, the ESAs propose to change the Credit Quality Step (CQS) allocation for two ECAIs, and to introduce new credit rating scales for nine ECAIs.

ESAs publish amended technical standards on the mapping of ECAIs

Friday, June 11, 2021 - 12:01am

10 June 2021

Key Points: 
  • 10 June 2021

    Joint Committee

    The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).

  • Since the adoption in 2019 of the ITS on the mapping of credit assessments of ECAIs, two additional CRAs have been recognised and a number of CRAs have ben de-registered.
  • The ITS have therefore, been amended to reflect the allocation of appropriate risk weights to the newly established ECAIs, and to remove the reference to the de-registered ECAIs.
  • In particular, the ESAs propose to change the Credit Quality Step (CQS) allocation for two ECAIs, and to introduce new credit rating scales for nine ECAIs.

AM Best Places Credit Ratings of Capacity Insurance Company Under Review With Developing Implications

Thursday, June 10, 2021 - 9:40pm

AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of bbb- (Good) of Capacity Insurance Company (Capacity) (Sunrise, FL).

Key Points: 
  • AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of bbb- (Good) of Capacity Insurance Company (Capacity) (Sunrise, FL).
  • Capacitys Credit Ratings (ratings) were placed under review with developing implications following the recent announcement that Team Focus Insurance Group, LLC (Team Focus), the holding company for Capacity, and PEAK6 InsurTech (PEAK6) have entered into a definitive purchase agreement where PEAK6 will be purchasing the majority of Team Focus.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .

AM Best Affirms Credit Ratings of Redbridge Insurance Company Limited

Thursday, June 10, 2021 - 8:14pm

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados).
  • RICL is an insurance and reinsurance company founded in December 2010, and is part of Redbridge Holding, Inc. (Redbridge Holding), a company specialized in the management of insurance and reinsurance.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .