Credit rating agency

AM Best Downgrades Issuer Credit Rating of Western Health Advantage

Retrieved on: 
Friday, December 15, 2023

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Fair) from “bb+” (Fair) and affirmed the Financial Strength Rating (FSR) of B (Fair) of Western Health Advantage (WHA) (Sacramento, CA).

Key Points: 
  • AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” (Fair) from “bb+” (Fair) and affirmed the Financial Strength Rating (FSR) of B (Fair) of Western Health Advantage (WHA) (Sacramento, CA).
  • The ratings also reflect the support of the two long-term health care delivery system sponsors, Dignity Health and NorthBay Healthcare System.
  • 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.

KBRA Named Ratings Agency Of The Year at Second Annual SFR Industry Awards

Retrieved on: 
Monday, December 4, 2023

KBRA, a global full-service credit rating agency, is pleased to announce it was named winner in the Ratings Agency of the Year category at the Second Annual Single-Family Rental (SFR) Industry Awards ceremony held by Information Management Network on December 3rd in Scottsdale, Arizona.

Key Points: 
  • KBRA, a global full-service credit rating agency, is pleased to announce it was named winner in the Ratings Agency of the Year category at the Second Annual Single-Family Rental (SFR) Industry Awards ceremony held by Information Management Network on December 3rd in Scottsdale, Arizona.
  • The award recognized the best ratings agency servicing the SFR sector in the past year, according to IMN, and the judges considered factors such as share of securitization deals rated, econometric and industry reporting, transparency and timeliness of comments, as well as customer feedback.
  • “KBRA is excited to be given this honor,” said Nitin Bhasin, CFA, the Global Head of CMBS ratings at KBRA.
  • “Winning this award is testament to the hard work and commitment of our seasoned new issue, surveillance analysts covering the SFR sector.

AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries

Retrieved on: 
Wednesday, November 22, 2023

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the main rated insurance subsidiaries of Zurich Insurance Group Ltd. At the same time, AM Best has affirmed the Long-Term ICR of “a” (Excellent) of Zurich Insurance Group Ltd (Zurich) (Switzerland) (a non-operating holding company).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the main rated insurance subsidiaries of Zurich Insurance Group Ltd. At the same time, AM Best has affirmed the Long-Term ICR of “a” (Excellent) of Zurich Insurance Group Ltd (Zurich) (Switzerland) (a non-operating holding company).
  • 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 is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

AM Best Affirms Credit Ratings of Restoration Risk Retention Group, Inc.

Retrieved on: 
Friday, November 17, 2023

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Restoration Risk Retention Group, Inc. (RRRG) (Burlington, VT).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Restoration Risk Retention Group, Inc. (RRRG) (Burlington, VT).
  • The Credit Ratings (ratings) reflect RRRG’s balance sheet strength, which AM Best assesses as very strong, as well as its strong 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 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 .

First Pacific Bancorp Reports Results for Third Quarter 2023

Retrieved on: 
Monday, October 30, 2023

WHITTIER, Calif., Oct. 30, 2023 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the third quarter ending September 30, 2023, including another quarter of a return to profitability.

Key Points: 
  • WHITTIER, Calif., Oct. 30, 2023 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the third quarter ending September 30, 2023, including another quarter of a return to profitability.
  • Total deposits ended the third quarter at $332 million, increasing $13 million from the prior quarter and $67 million since year end 2022.
  • Total loans ended the third quarter at $274 million, increasing $5 million from the prior quarter and $69 million since year end 2022.
  • For the third quarter ended June 30, 2023, the Company realized a pre-tax pre-provision profit of $228 thousand, compared to a pre-tax pre-provision profit of $166 thousand in Q2 2023.

AM Best Assigns Credit Ratings to Beazley Excess and Surplus Insurance, Inc.

Retrieved on: 
Monday, October 16, 2023

BESI is a newly formed, wholly owned subsidiary of Beazley Holdings, Inc. (BHI), a non-operating holding company of Beazley plc (Beazley).

Key Points: 
  • BESI is a newly formed, wholly owned subsidiary of Beazley Holdings, Inc. (BHI), a non-operating holding company of Beazley plc (Beazley).
  • The ratings of BESI reflect the entity’s role and strategic importance to Beazley as an excess and surplus writer in the United States.
  • 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 Downgrades Credit Ratings of Dover Bay Specialty Insurance Company

Retrieved on: 
Friday, September 29, 2023

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+” (Good) from “a” (Excellent) of Dover Bay Specialty Insurance Company (Dover Bay) (Bloomington, IL).

Key Points: 
  • 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+” (Good) from “a” (Excellent) of Dover Bay Specialty Insurance Company (Dover Bay) (Bloomington, IL).
  • The Credit Ratings (ratings) of Dover Bay reflect its balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate ERM.
  • The ratings also reflect lift, as defined within Best’s Credit Rating Methodology, from its parent, State Farm Mutual Automobile Insurance Company.
  • 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 Maintains Under Review With Negative Implications Status for Credit Ratings of Topa Insurance Company and Dorchester Insurance Company, Ltd.

Retrieved on: 
Thursday, September 28, 2023

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands).

Key Points: 
  • AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands).
  • These companies, which collectively are referred to as Topa Insurance Group (Topa), are wholly owned subsidiaries of Topa Equities, Ltd.
  • Topa Equities, Ltd. is the parent company of Topa Insurance Company and its subsidiary, Dorchester Insurance Company, Ltd. Topa Equities, Ltd. will retain a minority common equity stake in the business.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Revises Issuer Credit Rating Outlook to Negative for Shelter Mutual Insurance Company and Its Subsidiaries

Retrieved on: 
Friday, September 22, 2023

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Shelter Mutual Insurance Company (Shelter Mutual) (Columbia, MO) and its property/casualty (P/C) subsidiaries (collectively referred to as Shelter).

Key Points: 
  • AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Shelter Mutual Insurance Company (Shelter Mutual) (Columbia, MO) and its property/casualty (P/C) subsidiaries (collectively referred to as Shelter).
  • Concurrently, AM Best has revised the outlook to negative from stable for the Long-Term ICR and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Shelter Life Insurance Company (Shelter Life) (Columbia, MO), which is a wholly owned subsidiary of Shelter Mutual.
  • 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 Removes Under Review With Negative Implications Status and Affirms Credit Ratings of Hotai Insurance Co., Ltd.

Retrieved on: 
Friday, September 15, 2023

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of Hotai Insurance Co., Ltd. (Hotai Insurance) (Taiwan).

Key Points: 
  • AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of Hotai Insurance Co., Ltd. (Hotai Insurance) (Taiwan).
  • The Credit Ratings (ratings) reflect Hotai Insurance’s balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
  • A deterioration in the credit profile of Ho Tai Motor or its level of support to Hotai Insurance may also pose a negative impact on Hotai Insurance’s ratings.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .