Credit rating

AM Best Withdraws Credit Ratings of Consumer Insurance Services Limited

Retrieved on: 
Friday, August 4, 2023
Banking, Professional Services, Insurance, Finance, Good, Communication, AM Best, ALL, CISL, Credit, Reserve Bank of New Zealand, Credit rating, Reserve Bank, AM, News

AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Consumer Insurance Services Limited (CISL) (New Zealand) as the company no longer operates as an insurance company.

Key Points: 
  • AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Consumer Insurance Services Limited (CISL) (New Zealand) as the company no longer operates as an insurance company.
  • At the time of the withdrawal, the outlook of these Credit Ratings (ratings) was stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Places Credit Ratings of Wawanesa General Insurance Company Under Review With Positive Implications

Retrieved on: 
Thursday, August 3, 2023
Insurance, Professional Services, AM Best, ALL, Wawanesa, California Department, Credit, Marginal, Car, Acquisition, Credit rating, ACE, California Department of Insurance, AM, News, Automobile Club of Southern California

AM Best has placed under review with positive implications the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b+” (Marginal) of Wawanesa General Insurance Company (Wawanesa General) (San Diego, CA).

Key Points: 
  • AM Best has placed under review with positive implications the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b+” (Marginal) of Wawanesa General Insurance Company (Wawanesa General) (San Diego, CA).
  • The Credit Rating (ratings) of Wawanesa General have been placed under review with positive implications following the announcement that its parent company, The Wawanesa Mutual Insurance Company has entered into a definitive agreement to sell its U.S. subsidiary, Wawanesa General, to the Automobile Club of Southern California’s affiliated insurer, Interinsurance Exchange of the Automobile Club, a member of Auto Club Enterprises Insurance Group (ACE).
  • The under review with positive implications status reflects the expected benefits Wawanesa General will receive from joining ACE and the greater financial strength of the organization.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Assigns Issue Credit Rating to MetLife, Inc.’s New Senior Unsecured Notes

Retrieved on: 
Thursday, July 13, 2023
Professional Services, Insurance, Finance, AM Best, ALL, Credit, NYSE, Credit rating, MET, AM, MetLife, News, MetLife Inc. v. Financial Stability Oversight Council, Security (finance)

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the newly issued $1 billion, 5.375% senior unsecured notes due July 15, 2033, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the newly issued $1 billion, 5.375% senior unsecured notes due July 15, 2033, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET].
  • The outlook assigned to this Credit Rating (rating) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Withdraws Credit Ratings of Fidelity Insurance Limited

Retrieved on: 
Wednesday, July 12, 2023
Professional Services, Insurance, Finance, Communication, AM Best, ALL, Credit, Reserve Bank of New Zealand, Credit rating, Reserve Bank, AM, News, Fidelity, Financial adviser

AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Insurance Limited (Fidelity Insurance) (New Zealand) as the company no longer operates as an insurance company.

Key Points: 
  • AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Insurance Limited (Fidelity Insurance) (New Zealand) as the company no longer operates as an insurance company.
  • On 30 June 2023, Fidelity Insurance transferred its assets and liabilities to its parent, Fidelity Life Assurance Company Limited.
  • Immediately after this, the Reserve Bank of New Zealand canceled Fidelity Insurance’s insurance license and Fidelity Insurance no longer operates as an insurance company.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .

AM Best Assigns Preliminary Credit Assessment to Victor Insurance Exchange

Retrieved on: 
Friday, June 23, 2023
Insurance, Professional Services, ICAT, AM Best, ALL, ERM, Credit, DE, PCA, Credit rating, Assessment, AM, News, Risk management

AM Best has assigned a Preliminary Credit Assessment (PCA) to Victor Insurance Exchange (Wilmington, DE) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent).

Key Points: 
  • AM Best has assigned a Preliminary Credit Assessment (PCA) to Victor Insurance Exchange (Wilmington, DE) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent).
  • AM Best expects Victor Insurance Exchange’s risk-adjusted capitalization to remain within the strongest category with additional positive assessment factors contributing, including a low-risk conservative investment portfolio and comprehensive reinsurance programs with a diversified panel of participants.
  • AM Best views Victor Insurance Exchange’s business profile as neutral given ICAT’s demonstrated extensive industry experience in managing the business through various underwriting cycles.
  • For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Guide to Best’s Credit Ratings .

AM Best Places Credit Ratings of Standard Life and Accident Insurance Company Under Review With Negative Implications

Retrieved on: 
Thursday, June 22, 2023
Professional Services, Insurance, Finance, AM Best, ALL, Core, Credit, Credit rating, FSR, AM, News

AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Standard Life and Accident Insurance Company (SLAICO) (Galveston, TX).

Key Points: 
  • AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Standard Life and Accident Insurance Company (SLAICO) (Galveston, TX).
  • AM Best expects to resolve the under review with negative implications status upon the completion of the transaction and regulatory approval.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Assigns Issue Credit Rating to Reinsurance Group of America, Incorporated’s New Senior Unsecured Notes

Retrieved on: 
Thursday, June 15, 2023
Professional Services, Insurance, Finance, AM Best, ALL, Reinsurance Group of America, Credit, Sale, Credit rating, RGA, AM, News, NYSE, Incorporated

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the new $400 million, 6.00% senior unsecured notes due Sept. 15, 2033, recently issued by Reinsurance Group of America, Incorporated (RGA) (Chesterfield, MO) [NYSE: RGA].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the new $400 million, 6.00% senior unsecured notes due Sept. 15, 2033, recently issued by Reinsurance Group of America, Incorporated (RGA) (Chesterfield, MO) [NYSE: RGA].
  • The proceeds from the sale of the notes will be used to pay for the redemption of RGA’s existing $400 million, 4.7% senior unsecured notes due Sept. 15, 2023.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Assigns Issue Credit Rating to The Travelers Companies, Inc.’s New Senior Unsecured Notes

Retrieved on: 
Thursday, May 25, 2023
Banking, Professional Services, Insurance, Finance, AM Best, The Travelers Companies, ALL, Traveler, Credit, Sale, Credit rating, AM, TRV, News, NYSE, Security (finance)

AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to the new $750 million, 5.45% 30-year senior unsecured notes due May 25, 2053, recently issued by The Travelers Companies, Inc. (Travelers) (headquartered in New York, NY) [NYSE: TRV].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to the new $750 million, 5.45% 30-year senior unsecured notes due May 25, 2053, recently issued by The Travelers Companies, Inc. (Travelers) (headquartered in New York, NY) [NYSE: TRV].
  • The outlook assigned to this Credit Rating (rating) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Assigns Issue Credit Rating to The Progressive Corporation’s Senior Unsecured Notes

Retrieved on: 
Thursday, May 25, 2023
Insurance, Professional Services, AM Best, ALL, Credit, Credit rating, AM, PGR, Progressive Corporation, News, NYSE

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the recently announced $500 million of 4.95% senior unsecured notes, due 2033, issued by The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the recently announced $500 million of 4.95% senior unsecured notes, due 2033, issued by The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR].
  • Following this issuance, AM Best expects that financial leverage and coverage metrics for Progressive to remain within guidelines for the assigned rating.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Revises Outlooks to Positive for Eureka-Re SCC

Retrieved on: 
Friday, May 19, 2023
Insurance, Professional Services, AM Best, Investment, ALL, Risk management, Credit, Credit rating, AM, News, Reinsurance

The Credit Rating (ratings) reflect Eureka’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Key Points: 
  • The Credit Rating (ratings) reflect Eureka’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
  • AM Best will continue to monitor those investments and their impact on the risk-adjusted capitalization of the company.
  • AM Best assesses Eureka’s operating performance as adequate, as the company sustained profitable performance in 2022 through its technical capacities, supported by its investment income.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.