AM Best

AM Best Withdraws Credit Ratings of North American Insurance Company

Retrieved on: 
Friday, February 9, 2024

AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of North American Insurance Company (Oklahoma City, OK).

Key Points: 
  • AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of North American Insurance Company (Oklahoma City, OK).
  • The withdrawal of the ratings is the result of the sale of North American Insurance Company to Knighthead Holdings Ltd (Caymana Bay, Cayman Islands), which has been approved by the Oklahoma Department of Insurance.
  • 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 SILAC Insurance Company Under Review With Negative Implications

Retrieved on: 
Thursday, February 8, 2024

AM Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT).

Key Points: 
  • AM Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT).
  • The Credit Ratings (ratings) of SILAC have been placed under review with negative implications primarily due to a decline in the quality of one of its reinsurance counterparties and the quality of investments that it holds as collateral.
  • 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 Withdraws Credit Ratings of AXA XL Resseguros S.A.

Retrieved on: 
Thursday, February 8, 2024

AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of AXA XL Resseguros S.A. (Sao Paolo, BR).

Key Points: 
  • AM Best has withdrawn the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of AXA XL Resseguros S.A. (Sao Paolo, BR).
  • AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process for this specific legal entity.
  • 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 Affirms Credit Ratings of The Bahrain National Insurance Company BSC (c)

Retrieved on: 
Thursday, February 8, 2024

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of The Bahrain National Insurance Company BSC (c) (BNI) (Bahrain).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of The Bahrain National Insurance Company BSC (c) (BNI) (Bahrain).
  • AM Best expects BNI’s risk-adjusted capitalisation to remain at the strongest level over the medium term, supported by internal capital generation despite relatively high dividend distributions to its parent, Bahrain National Holding Company BSC.
  • 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 Affirms Credit Ratings of PartnerRe Ltd. and Its Operating Subsidiaries

Retrieved on: 
Thursday, February 8, 2024

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 operating subsidiaries of PartnerRe Ltd. (collectively referred to as PartnerRe).

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 operating subsidiaries of PartnerRe Ltd. (collectively referred to as PartnerRe).
  • The ratings reflect PartnerRe’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, very favorable 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 .

AM Best Affirms Credit Ratings of MetLife, Inc. and Its Life/Health Subsidiaries

Retrieved on: 
Thursday, February 8, 2024

The outlook of these Credit Ratings (ratings) is stable.

Key Points: 
  • The outlook of these Credit Ratings (ratings) is 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 is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Affirms Credit Ratings of Covéa Coopérations

Retrieved on: 
Thursday, February 8, 2024

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Covéa Coopérations (France), the intermediate operating holding company of Société de Groupe d’Assurance Mutuelle Covéa (Covéa or the group), a leading mutual insurance group in France.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Covéa Coopérations (France), the intermediate operating holding company of Société de Groupe d’Assurance Mutuelle Covéa (Covéa or the group), a leading mutual insurance group in France.
  • The outlook of these Credit Ratings (ratings) is 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 Revises Outlooks to Stable for Canopius US Insurance, Inc. and Canopius Reinsurance Limited

Retrieved on: 
Thursday, February 8, 2024

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Canopius US Insurance, Inc. (Canopius US) (Wilmington, DE) and Canopius Reinsurance Limited (Canopius Re) (Bermuda).

Key Points: 
  • AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Canopius US Insurance, Inc. (Canopius US) (Wilmington, DE) and Canopius Reinsurance Limited (Canopius Re) (Bermuda).
  • Both entities are wholly owned subsidiaries of Canopius Group Limited (Canopius) (Jersey), the non-operating holding company of the Canopius group of companies.
  • The Credit Ratings (ratings) reflect Canopius’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
  • The ratings of Canopius US and Canopius Re reflect their strategic importance to and integration within the Canopius group.

AM Best Affirms Credit Ratings of First Acceptance Corporation and Its Subsidiaries

Retrieved on: 
Wednesday, February 7, 2024

AM Best has affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “b+” (Marginal) of the subsidiaries of First Acceptance Corporation (Delaware) [OTCQX: FACO], collectively referred to as First Acceptance Group (First Acceptance).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “b+” (Marginal) of the subsidiaries of First Acceptance Corporation (Delaware) [OTCQX: FACO], collectively referred to as First Acceptance Group (First Acceptance).
  • Concurrently, AM Best has affirmed the Long-Term ICR of “ccc-” (Weak) of First Acceptance Corporation.
  • 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 Ratings to The Cigna Group’s New Senior Unsecured Notes

Retrieved on: 
Wednesday, February 7, 2024

AM Best has assigned Long-Term Issue Credit Ratings (Long-Term IRs) of “bbb+” (Good) to The Cigna Group’s (Cigna) (headquartered in Bloomfield, CT) [NYSE:CI] recently issued $1 billion 5% senior unsecured notes, due 2029, $750 million 5.125% senior unsecured notes, due 2031, $1.25 billion 5.25% senior unsecured notes, due 2034 and the $1.5 billion 5.6% senior unsecured notes, due 2054.

Key Points: 
  • AM Best has assigned Long-Term Issue Credit Ratings (Long-Term IRs) of “bbb+” (Good) to The Cigna Group’s (Cigna) (headquartered in Bloomfield, CT) [NYSE:CI] recently issued $1 billion 5% senior unsecured notes, due 2029, $750 million 5.125% senior unsecured notes, due 2031, $1.25 billion 5.25% senior unsecured notes, due 2034 and the $1.5 billion 5.6% senior unsecured notes, due 2054.
  • Cigna’s Long-Term Issuer Credit Rating of “bbb+” (Good), its other Long-Term IRs and the ratings of its insurance subsidiaries remain unchanged.
  • 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 .