Tewksbury Township, New Jersey

AM Best Downgrades Credit Ratings of American Millennium Insurance Company and Citadel Reinsurance Company Limited; Maintains Under Review With Negative Implications Status

Friday, February 26, 2021 - 5:49pm

AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).

Key Points: 
  • AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).
  • Given Citadel Res direct ownership in AMIC, AM Best takes a consolidated view of Citadel Re and its subsidiary.
  • Additionally, AM Best has revised downward Citadel Res ERM assessment to marginal to be in sync with its subsidiary AMIC.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .

AM Best Assigns Credit Ratings to Wakefield Insurance Company, LLC

Wednesday, February 24, 2021 - 4:34pm

AM Best has assigned a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of a- to Wakefield Insurance Company, LLC (Wakefield) (Nashville, TN).

Key Points: 
  • AM Best has assigned a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of a- to Wakefield Insurance Company, LLC (Wakefield) (Nashville, TN).
  • For current Bests Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive .
  • 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 Nagico Holdings Limited’s Main Operating Subsidiaries

Tuesday, February 23, 2021 - 5:31pm

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of bbb+ of the two operating subsidiaries of Nagico Holdings Limited: National General Insurance Corporation (NAGICO) N.V. (St. Maarten) and Nagico Insurance Company Limited (Anguilla).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of bbb+ of the two operating subsidiaries of Nagico Holdings Limited: National General Insurance Corporation (NAGICO) N.V. (St. Maarten) and Nagico Insurance Company Limited (Anguilla).
  • The ratings of NAGICO Group reflect its 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.
  • 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 Principal Financial Group, Inc. and Its Subsidiaries

Friday, February 19, 2021 - 2:43pm

AM Best has affirmed the Financial Strength Rating of A+ (Superior) the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa of Principal Life Insurance Company and Principal National Life Insurance Company.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A+ (Superior) the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa of Principal Life Insurance Company and Principal National Life Insurance Company.
  • Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG] and collectively are referred to as Principal.
  • Concurrently, AM Best has affirmed the Long-Term ICRs of a of Principal Financial Services, Inc. and PFG, as well as the groups Long-Term Issue Credit Ratings (Long-Term IR).
  • 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 Auto Club Insurance Association and Its Subsidiaries

Thursday, February 18, 2021 - 4:47pm

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to a from a- of Auto Club Insurance Association and its wholly owned subsidiaries, Auto Club Group Insurance Company, MemberSelect Insurance Company, Auto Club Property-Casualty Insurance Company, Meemic Insurance Company and Fremont Insurance Company.

Key Points: 
  • AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to a from a- of Auto Club Insurance Association and its wholly owned subsidiaries, Auto Club Group Insurance Company, MemberSelect Insurance Company, Auto Club Property-Casualty Insurance Company, Meemic Insurance Company and Fremont Insurance Company.
  • All companies are collectively referred to as Auto Club Group (ACG) and domiciled in Dearborn, MI, except where specified.
  • 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 Lumico Life Insurance Company and its Affiliates

Friday, February 12, 2021 - 7:36pm

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a+ of Lumico Life Insurance Company (Jefferson City, MO) and Lumico Life Insurance Company of New York (Armonk, NY).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of a+ of Lumico Life Insurance Company (Jefferson City, MO) and Lumico Life Insurance Company of New York (Armonk, NY).
  • Together, these two companies are referred to as Lumico Life, and are indirect subsidiaries of Swiss Re Ltd (Swiss Re).
  • AM Best has also affirmed the FSR of A (Excellent) and the Long-Term ICR of a+ of Elips Life Insurance Company (elipsLife) (headquartered in Schaumburg, IL).
  • 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 Places Credit Ratings of Monitor Life Insurance Company of New York Under Review With Developing Implications

Thursday, February 11, 2021 - 7:08pm

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY).

Key Points: 
  • AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY).
  • These ratings will remain under review until AM Best has evaluated the business plan and the extent of the integration of Monitor Life with the C&F.
  • 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 .

Best’s Insurance Law Podcast Discusses Litigation Trends in Trucking and Transportation

Tuesday, February 9, 2021 - 8:45pm

AM Best and Bests Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

Key Points: 
  • AM Best and Bests Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.
  • This episode analyzes emerging trends in trucking and transportation cases and how counsel is responding to plaintiffs that employ Reptile Theory strategy.
  • The podcast features Attorneys Leonard Leicht and Harold Moroknek, both of Marshall Dennehey Warner Coleman & Goggin.
  • Marshall Dennehey Warner Coleman & Goggin is a qualified member of Best's Insurance Professional Resources, an insurance industry resource that has featured qualified legal counsel, independent insurance adjusting services and expert service providers since 1929.

AM Best Affirms Credit Ratings of Société Hospitalière d’Assurances Mutuelles

Friday, February 5, 2021 - 4:04pm

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Socit Hospitalire dAssurances Mutuelles (Sham) (France).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Socit Hospitalire dAssurances Mutuelles (Sham) (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 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 Comments on Credit Ratings of Anthem, Inc. and Its Subsidiaries Following MMM Holdings, LLC Acquisition Announcement

Friday, February 5, 2021 - 2:23pm

AM Best has commented that the Credit Ratings (ratings) of Anthem, Inc. (Anthem) (Indianapolis, IN) [NYSE: ANTH] and its insurance subsidiaries remain unchanged following the announcement that the group will acquire MMM Holdings, LLC, including its Puerto Rico-based insurance subsidiaries: MMM Healthcare, LLC (MMM Healthcare), a Medicare Advantage (MA) plan; and MMM Multi Health, LLC (MMM Multi Health), a Medicaid plan.

Key Points: 
  • AM Best has commented that the Credit Ratings (ratings) of Anthem, Inc. (Anthem) (Indianapolis, IN) [NYSE: ANTH] and its insurance subsidiaries remain unchanged following the announcement that the group will acquire MMM Holdings, LLC, including its Puerto Rico-based insurance subsidiaries: MMM Healthcare, LLC (MMM Healthcare), a Medicare Advantage (MA) plan; and MMM Multi Health, LLC (MMM Multi Health), a Medicaid plan.
  • MMM Healthcare recorded about 80% premium growth over the past five years, while maintaining a good level of underwriting profitability.
  • 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 .