Credit rating agency

AM Best Downgrades Credit Ratings for Discovery Insurance Company

Retrieved on: 
Tuesday, August 29, 2023
Insurance, Professional Services, Pressure, Good, AM Best, ICR, ALL, ERM, Long-Term Capital Management, Credit, Discovery, Risk, FSR, AM, News, Credit rating agency, Risk management

AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” (Fair) from “bbb-” (Good) of Discovery Insurance Company (Discovery) (Kinston, NC).

Key Points: 
  • AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” (Fair) from “bbb-” (Good) of Discovery Insurance Company (Discovery) (Kinston, NC).
  • The Credit Ratings (ratings) reflect Discovery’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).
  • 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 Under Review With Developing Implications for American Equity Investment Life Insurance Company and Its Subsidiaries

Retrieved on: 
Wednesday, August 23, 2023
Consulting, Professional Services, Insurance, Finance, Good, Lake Success, AM Best, ALL, Long-Term Capital Management, Average revenue per user, Credit rating agency, Credit, AEL, Sale, Acquisition, Credit rating, La règle de non-cumul, AM, News, NYSE, Security (finance), Retail

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as American Equity.

Key Points: 
  • AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as American Equity.
  • Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of “bbb-” (Good) of American Equity Investment Life Holding Company (AEL) [NYSE: AEL] and its Long-Term Issue Credit Ratings (Long-Term IRs).
  • 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 Downgrades Issuer Credit Rating of Adamjee Insurance Company Limited

Retrieved on: 
Thursday, August 17, 2023
Banking, Professional Services, Insurance, Finance, AM Best, ALL, ERM, PKR, Risk management, Adamjee, Credit, History, Investment, FSR, Risk, Takaful, AM, News, United Arab Emirates, Credit rating agency

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 Adamjee Insurance Company Limited (Adamjee) (Pakistan).

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 Adamjee Insurance Company Limited (Adamjee) (Pakistan).
  • The negative outlooks reflect the elevated country risk in Pakistan and its potential impact on Adamjee’s credit rating fundamentals.
  • 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 specialising in the insurance industry.

AM Best Downgrades Credit Ratings of EFU General Insurance Limited

Retrieved on: 
Thursday, August 17, 2023
Insurance, Professional Services, AM Best, ALL, ERM, PKR, Risk management, Credit, History, Investment, FSR, EFU, Risk, AM, News, Credit rating agency

AM Best has downgraded the Financial Strength Rating (FSR) to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb-” (Fair) from “bb+” (Fair) of EFU General Insurance Limited (EFUG) (Pakistan).

Key Points: 
  • AM Best has downgraded the Financial Strength Rating (FSR) to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb-” (Fair) from “bb+” (Fair) of EFU General Insurance Limited (EFUG) (Pakistan).
  • The Credit Ratings (ratings) reflect EFUG’s balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and marginal enterprise risk management (ERM).
  • 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 Upgrades Issuer Credit Ratings of Unum Group and Its Core U.S. Life/Health Subsidiaries

Retrieved on: 
Thursday, August 10, 2023
Banking, Professional Services, Insurance, Finance, Good, AM Best, Long-Term Capital Management, Employment, Interest, ALL, ERM, LTC, COVID-19, Long-term care, Average revenue per user, GAAP, Credit, UNM, NAIC, Acquisition, FSR, PDR, AM, Mortality, Environment, News, NYSE, Credit rating agency, Bank, Security (finance), Unum

These companies are the core U.S. life/health (L/H) insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM].

Key Points: 
  • These companies are the core U.S. life/health (L/H) insurance subsidiaries of Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM].
  • In addition, AM Best has upgraded the Long-Term ICR to “bbb+” (Good) from “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Unum.
  • The Credit Ratings (ratings) reflect Unum’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
  • The transaction, which completed in 2021, reduced outstanding reserves at the statutory group and materially improved risk-adjusted capitalization at the statutory group.

IDnow receives ANSSI's security approval for PVID certification for its identity proofing services IDCheck.io and VideoIdent

Retrieved on: 
Tuesday, August 1, 2023
ACPR, Electronic identification, European Telecommunications Satellite Organization, National Agency for Education (Sweden), ETSI, Policy, Identity theft, Privacy, Cyber Security and Information Systems Information Analysis Center, Certification, Security, AML, Risk, European, Bajaj Finserv, Credit rating agency, Information system, EIDAS, Regulatory affairs, ANSSI, Trust service provider, Fraud, Cryptocurrency

MUNICH, Aug. 1, 2023 /PRNewswire/ -- IDnow, a leading identity proofing platform provider in Europe, has obtained the remote identity verification certification known as PVID (prestataire de verification d'identité à distance) on the level "substantial" for its IDCheck.io Identity Proofing Service and VideoIdent Qualified Electronic Signature. A symbol of the culmination of months of collaboration and involvement of all teams, this certification demonstrates the company's desire to offer its customers solutions that are safe, compliant, and fully in line with the regulations in France.

Key Points: 
  • The PVID certifications issued by ANSSI for the automated IDCheck.io identity proofing service and the videochat-based VideoIdent mark a new milestone in the identity proofing service provider's desire to become the leading European player on the digital identity market.
  • MUNICH, Aug. 1, 2023 /PRNewswire/ -- IDnow , a leading identity proofing platform provider in Europe, has obtained the remote identity verification certification known as PVID (prestataire de verification d'identité à distance) on the level "substantial" for its IDCheck.io Identity Proofing Service and VideoIdent Qualified Electronic Signature.
  • Introduced in March 2021, PVID certifies providers the ability to offer identity verification as defined by Europe's Regulation on Electronic Identification and Trust Services, eIDAS Regulation.
  • As only the second private player to obtain the coveted certification, IDnow has a major advantage in the digital identity proofing market.

IDnow receives ANSSI's security approval for PVID certification for its identity proofing services IDCheck.io and VideoIdent

Retrieved on: 
Tuesday, August 1, 2023
ACPR, Electronic identification, European Telecommunications Satellite Organization, National Agency for Education (Sweden), ETSI, Policy, Identity theft, Privacy, Cyber Security and Information Systems Information Analysis Center, Certification, Security, AML, Risk, European, Bajaj Finserv, Credit rating agency, Information system, EIDAS, Regulatory affairs, ANSSI, Trust service provider, Fraud, Cryptocurrency

MUNICH, Aug. 1, 2023 /PRNewswire/ -- IDnow, a leading identity proofing platform provider in Europe, has obtained the remote identity verification certification known as PVID (prestataire de verification d'identité à distance) on the level "substantial" for its IDCheck.io Identity Proofing Service and VideoIdent Qualified Electronic Signature. A symbol of the culmination of months of collaboration and involvement of all teams, this certification demonstrates the company's desire to offer its customers solutions that are safe, compliant, and fully in line with the regulations in France.

Key Points: 
  • The PVID certifications issued by ANSSI for the automated IDCheck.io identity proofing service and the videochat-based VideoIdent mark a new milestone in the identity proofing service provider's desire to become the leading European player on the digital identity market.
  • MUNICH, Aug. 1, 2023 /PRNewswire/ -- IDnow , a leading identity proofing platform provider in Europe, has obtained the remote identity verification certification known as PVID (prestataire de verification d'identité à distance) on the level "substantial" for its IDCheck.io Identity Proofing Service and VideoIdent Qualified Electronic Signature.
  • Introduced in March 2021, PVID certifies providers the ability to offer identity verification as defined by Europe's Regulation on Electronic Identification and Trust Services, eIDAS Regulation.
  • As only the second private player to obtain the coveted certification, IDnow has a major advantage in the digital identity proofing market.

AM Best Upgrades Issuer Credit Ratings of Global Atlantic Financial Group Limited and Its Subsidiaries

Retrieved on: 
Thursday, July 27, 2023
Banking, Professional Services, Insurance, Finance, Good, AM Best, ALL, ERM, Credit, FSR, AM, Long-term care insurance, Bermuda, News, Credit rating agency, Risk management

Together, these subsidiaries are referred to collectively as Global Atlantic Group (Global Atlantic).

Key Points: 
  • Together, these subsidiaries are referred to collectively as Global Atlantic Group (Global Atlantic).
  • AM Best also has upgraded the Long-Term ICR to “bbb+” (Good) from “bbb” (Good) of Global Atlantic Financial Group Limited (Bermuda).
  • The Credit Ratings (ratings) reflect Global Atlantic’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of WAICA Reinsurance Corporation PLC

Retrieved on: 
Wednesday, July 26, 2023
Banking, Professional Services, Insurance, Finance, Pressure, AM Best, ALL, Credit, USD, Sierra Leone, Investment, Risk, FSR, AM, News, Credit rating agency

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” (Fair) of WAICA Reinsurance Corporation PLC (WAICA Re) (Sierra Leone).

Key Points: 
  • AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” (Fair) of WAICA Reinsurance Corporation PLC (WAICA Re) (Sierra Leone).
  • The Credit Ratings (ratings) reflect WAICA Re’s consolidated balance sheet strength, which AM Best assesses as strong, as well as the company’s strong operating performance, limited business profile and marginal enterprise risk management.
  • The ratings have been removed from under review with negative implications as AM Best has completed its assessment of the impact of deterioration in economic and operating conditions in Ghana on WAICA Re’s balance sheet strength and broader credit fundamentals.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .

Best’s Commentary: AM Best to Review Collateral Arrangements at Rated Fronting Insurance Companies

Retrieved on: 
Tuesday, July 25, 2023
Fintech, Professional Services, Insurance, AM Best, Credit rating agency, News, ALL

Based on this review, rating actions will be taken as warranted.

Key Points: 
  • Based on this review, rating actions will be taken as warranted.
  • Additional details can be found in the Best’s Commentary, “AM Best to Review Collateral Arrangements at Rated Fronting Insurance Companies,” available at http://www3.ambest.com/bestweek/purchase.asp?record_code=333866 .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.
  • Copyright © 2023 by AM Best Rating Services, Inc. and/or its affiliates.