Latest news with #'sCreditRatings
Business Wire
9 hours ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Cavello Bay Reinsurance Limited
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a+' (Excellent) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (Enstar) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Cavello Bay's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The affirmation reflects a continuation of Enstar's robust capitalization through its acquisition by Sixth Street Partners, LLC (Sixth Street). In recent years, Enstar has established itself as a market leader in the non-life runoff space and continues to introduce new products to service short-tailed and insurance-linked securities solutions as well. AM Best anticipates that the business model will remain generally consistent under the ownership of Sixth Street. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. 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. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Business Wire
a day ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Generali Seguros y Reaseguros, S.A.U.
AMSTERDAM--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of 'aa-' (Superior) to Generali Seguros y Reaseguros, S.A.U. (Generali Seguros) (Spain). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Generali Seguros' inclusion as a member of the lead rating unit of Assicurazioni Generali S.p.A. (Generali), which has a balance sheet strength that AM Best assesses as very strong, as well as strong operating performance, very favourable business profile and appropriate enterprise risk management. Generali Seguros is strategically important to Generali as it currently sources a material share of the group's business in Spain, which is an important market for Generali. The entity will become Generali's sole entity in Spain, following a reverse merger with Generali España, Sociedad Anonima de Seguros y Reaseguros, which is expected to take place in October 2025. Additionally, Generali Seguros is necessary for licensing as it has a licensed branch in Ireland. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. 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. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Business Wire
5 days ago
- Business
- Business Wire
AM Best Downgrades Credit Ratings of Utica First Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'a' (Excellent) of Utica First Insurance Company (Utica First) (Oriskany, NY). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. The ratings reflect Utica First's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The rating downgrades reflect deterioration in Utica First's operating performance as recent results have been challenged by various market and social inflation conditions, as well as weather-related events. As a result, the company had underwriting losses in each of the past five years and pre-tax operating losses in three of the past five years, which has driven total return metrics to be negative. In addition, other operating performance metrics are aligned with marginally rated companies within the commercial casualty composite. The revised outlooks to stable from negative reflect Utica First's balance sheet assessment of very strong, supported by risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), prudent investment portfolio and strong liquidity measures. In addition, the company has implemented numerous underwriting actions and rate actions to combat the decline in results. As a result, it is expected that operating metrics will stabilize and remain in line with the marginal assessment. AM Best assesses Utica First's business profile as neutral due to its strong position in its target market that includes business owners, specifically small restaurants, and the artisan line of business. AM Best assesses Utica First's ERM as appropriate supported by a developed risk framework and formalized risk appetite and tolerance statements. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. 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.
Yahoo
10-07-2025
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Stable for Investors Heritage Life Insurance Company
OLDWICK, N.J., July 10, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of "bbb+" (Good) of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect IHLIC's balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The revised Long-Term ICR outlook to stable from negative reflects improved balance sheet metrics driven by a capital contribution from Aquarian Insurance Holdings LLC (AIH) and surplus relief from a block reinsurance transaction with New Reinsurance Company Ltd. (New Re) (a subsidiary of Munich Reinsurance Company). The absolute level of capital and surplus increased 52% to $281 million in 2024, while risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), improved to strong from weak. The reinsurance agreement with New Re was amended in the first quarter of 2025 to allow reinsurance on new Heritage Growth Annuity product premium, which should provide further surplus relief going forward while helping to stabilize operating performance. Additionally, the investment portfolio appears to be shifting to a more conservative allocation, with a trend of increasing allocation to bonds while the allocations to mortgages, common stock, and long-term strategic (Schedule BA) assets decrease. Partially offsetting the positive rating factors is an increase in financial leverage at the parent company, AIH, as well as a low but increasing reliance on reinsurance. AM Best will closely monitor the effects of these changes on the whole organization. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. 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. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Tyler Samani Financial Analyst +1 908 882 2296 Wayne Kaminski Associate Director +1 908 882 1916 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
10-07-2025
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlook to Stable for Investors Heritage Life Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of 'bbb+' (Good) of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect IHLIC's balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The revised Long-Term ICR outlook to stable from negative reflects improved balance sheet metrics driven by a capital contribution from Aquarian Insurance Holdings LLC (AIH) and surplus relief from a block reinsurance transaction with New Reinsurance Company Ltd. (New Re) (a subsidiary of Munich Reinsurance Company). The absolute level of capital and surplus increased 52% to $281 million in 2024, while risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), improved to strong from weak. The reinsurance agreement with New Re was amended in the first quarter of 2025 to allow reinsurance on new Heritage Growth Annuity product premium, which should provide further surplus relief going forward while helping to stabilize operating performance. Additionally, the investment portfolio appears to be shifting to a more conservative allocation, with a trend of increasing allocation to bonds while the allocations to mortgages, common stock, and long-term strategic (Schedule BA) assets decrease. Partially offsetting the positive rating factors is an increase in financial leverage at the parent company, AIH, as well as a low but increasing reliance on reinsurance. AM Best will closely monitor the effects of these changes on the whole organization. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. 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. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
