ALL

AM Best Affirms Credit Ratings and Assigns National Scale Rating to PVI Insurance Corporation

Retrieved on: 
Wednesday, March 27, 2024
Banking, Professional Services, Insurance, Finance, PVI, ERM, HDI, Risk management, Communication, ALL, News, Aviation, Petrovietnam, NSR, Credit, Investment, AM Best, Engineering

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PVI Insurance Corporation (PVI Insurance) (Vietnam).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PVI Insurance Corporation (PVI Insurance) (Vietnam).
  • Additionally, AM Best has assigned the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to PVI Insurance with a stable outlook.
  • The ratings factor in rating enhancement from PVI Insurance’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .

AM Best Comments on Credit Ratings of LIA Holdings Limited and Its Rated Subsidiary Following a Fine From Commissariat aux Assurances

Retrieved on: 
Wednesday, March 27, 2024
Finance, Data Analytics, Professional Services, Other Professional Services, Insurance, EUR, Risk management, ALL, Commissariat, ALM, News, CAA, Credit, AM Best, Good, CTF

Concurrently, AM Best has commented that the Long-Term ICR of “bbb-” (Good) of LIA Holdings Limited (Lombard International) (United Kingdom), a non-operating holding company, remains unchanged.

Key Points: 
  • Concurrently, AM Best has commented that the Long-Term ICR of “bbb-” (Good) of LIA Holdings Limited (Lombard International) (United Kingdom), a non-operating holding company, remains unchanged.
  • Based on preliminary financial indicators, AM Best considers the fine to be immaterial to LIA's earnings and solvency level.
  • 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 Fairfax Financial Holdings Limited’s Senior Unsecured Notes

Retrieved on: 
Tuesday, March 26, 2024
Insurance, Professional Services, ALL, News, Credit, TSX, Credit rating, AM Best, Fairfax Financial, FFH, Good

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $1.0 billion 6.35% senior unsecured notes, due March 2054, of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $1.0 billion 6.35% senior unsecured notes, due March 2054, of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH].
  • The outlook assigned to this Credit Rating (rating) is stable.
  • The Long-Term Issuer Credit Rating of Fairfax, as well as the ratings of its operating subsidiaries and all other debt issuances are unchanged.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Withdraws Credit Ratings of McMillan-Warner Mutual Insurance Company

Retrieved on: 
Tuesday, March 26, 2024
Professional Services, Insurance, Finance, ALL, News, Credit, MWM, AM Best

AM Best has affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).
  • Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
  • 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 .

Best’s Special Report: Underwriting Losses Persist in U.S. Property/Casualty Industry, Total $21.2 Billion in 2023

Retrieved on: 
Monday, March 25, 2024
Insurance, Professional Services, National Indemnity Company, ALL, Growth, News

The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in the prior year, according to a new AM Best report.

Key Points: 
  • The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in the prior year, according to a new AM Best report.
  • According to the report, the P/C industry’s combined ratio improved slightly by 0.9 percentage points to 101.6 in 2023.
  • Catastrophe losses accounted for an estimated 8.7 points on the combined ratio, up from 7.3 points in 2022, driven by record severe convective storm losses.
  • With net investment income virtually unchanged from the prior year, the lower 2023 underwriting loss boosted pre-tax operating income by 4.8% to $50.0 billion.

SmartMetric Says Its Biometric Fingerprint Recognition and Activation Credit Card Built Inside the Credit Card Will Bring Next Level Security for the Multi Billion Dollar Credit Card Industry Worldwide

Retrieved on: 
Monday, March 25, 2024
Technology, Payments, Finance, Security, Banking, Other Technology, Professional Services, Hardware, Consumer Electronics, Failure, Mastercard, PIN, POS, Visa, Table tennis rubber, Logic, Risk, Coffee, ALL, Internet, Filling station, Research, Sale, Software, Credit, Restaurant, Fear

In addition, the SmartMetric biometric credit/debit card has an inbuilt hardware based live fingerprint detection created by SmartMetric and only available on the SmartMetric biometric credit/debit card.

Key Points: 
  • In addition, the SmartMetric biometric credit/debit card has an inbuilt hardware based live fingerprint detection created by SmartMetric and only available on the SmartMetric biometric credit/debit card.
  • Logic would have it as biometric credit cards proliferate non-PIN usage will expand without restriction to fingerprint biometric scan cards.
  • This allows the card to power the fingerprint scan only through the power from the card reader going into the card.
  • The SmartMetric finger scan card user simply touches the cards fingerprint sensor four (4) times an instantly their fingerprint is scanned and securely stored inside the card.

AM Best Assigns Credit Ratings to Incline Americas Insurance Company; Affirms Credit Ratings of Incline Casualty Company and Affiliate

Retrieved on: 
Monday, March 25, 2024
Banking, Professional Services, Insurance, Finance, Risk management, ALL, News, FSR, Credit, AM Best

AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Incline Americas Insurance Company (Incline Americas).

Key Points: 
  • AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Incline Americas Insurance Company (Incline Americas).
  • Additionally, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Incline Casualty Company and Incline National Insurance Company.
  • The ratings assigned to Incline Americas recognize its strategic importance role as the group’s new carrier for excess and surplus lines program business.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Affirms Credit Ratings of Allianz México, S.A., Compañía de Seguros

Retrieved on: 
Friday, March 22, 2024
Insurance, Professional Services, Health, Risk management, Perception, ALL, News, Life, Credit, AM Best, Superior, Geography

Allianz Mexico specializes in offering insurance coverages across a broad spectrum of categories in life, property/casualty (P/C) and accident and health.

Key Points: 
  • Allianz Mexico specializes in offering insurance coverages across a broad spectrum of categories in life, property/casualty (P/C) and accident and health.
  • A change in AM Best’s perception regarding the strategic importance of Allianz Mexico to the group also could impact Allianz Mexico’s ratings.
  • 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 AXA Mansard Insurance Plc

Retrieved on: 
Friday, March 22, 2024
Insurance, Professional Services, AXA, Risk management, ALL, ROE, News, Credit, Investment, AM Best, Good

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria).
  • The ratings also reflect rating enhancement, in the form of lift, from AXA Mansard’s ultimate parent, AXA S.A. (France).
  • 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 Allianz Global Corporate & Specialty Resseguros Brasil S.A.

Retrieved on: 
Friday, March 22, 2024
Professional Services, Insurance, Finance, Risk management, Perception, ALL, News, Life, Credit, AM Best, Superior, Geography

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior), of Allianz Global Corporate & Specialty Resseguros Brasil S.A. (AGCS Re Brazil) (São Paulo, Brazil).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior), of Allianz Global Corporate & Specialty Resseguros Brasil S.A. (AGCS Re Brazil) (São Paulo, Brazil).
  • AGCS Brazil’s operations are clearly identified as part of the wider Allianz group and the Allianz Global Corporate & Specialty segment.
  • 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.