Latest news with #AdequacyRatio
Business Wire
01-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Greenval Insurance Designated Activity Company
AMSTERDAM--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Greenval Insurance Designated Activity Company (Greenval) (Ireland). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Greenval's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Greenval is the captive motor insurer for Arval Service Lease SA (Arval), a vehicle-leasing company wholly owned by BNP Paribas SA, a global banking group headquartered in France. Greenval's balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the very strong level at year-end 2024, as measured by Best's Capital Adequacy Ratio (BCAR). The company's risk-adjusted capitalisation is expected to remain at least at the strong level prospectively. The balance sheet strength assessment also considers the company's prudent reserving, appropriate reinsurance programme and liquid investment portfolio. Greenval has a track record of a strong operating performance, as demonstrated by a return on capital and surplus of 36.3% and a combined ratio (net/gross) of 84.4% in 2024 under IFRS 17. Underwriting results have been consistently strong, benefiting from the captive's privileged access to Arval's good quality business. As a captive insurer providing motor insurance covers for Arval, Greenval's underwriting portfolio is concentrated in motor insurance, but well-diversified geographically. Greenval's neutral business profile assessment also reflects its strategic importance to Arval, as its only affiliated motor insurer. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit 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
01-04-2025
- Business
- Yahoo
AM Best Removes From Under Review With Negative Implications and Affirms Credit Ratings of Westminster American Insurance Company
OLDWICK, N.J., April 01, 2025--(BUSINESS WIRE)--AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Westminster American Insurance Company (Westminster) (Owings Mills, MD). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Westminster's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). Effective June 30, 2024, Westminster was reacquired by its original owner and subsequently started to report results on a standalone basis in the third quarter of 2024. The ratings were expected to remain under review until AM Best fully assessed management's prospective business plans. The ratings have been removed from under review with negative implications following AM Best's completed analysis and assessment of Westminster's prospective financial and operational plans under new ownership. The very strong balance sheet strength assessment is supported by risk-adjusted capitalization maintained at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Surplus growth as of year 2024 was bolstered by a material capital injection from new ownership to support the current assessment, as well as future growth and expansion initiatives. AM Best expects the company's BCAR to further strengthen in the near term from organic surplus growth that will continue to strengthen its capital position. Westminster's operating performance is expected to remain adequate, consistent with historical norms supplemented by favorable investment income. Prospective results are expected to further benefit from management's expertise and long-standing ties in the property/casualty insurance industry insuring commercial habitational risks. The limited business profile reflects Westminster's geographic and product concentration as a commercial lines property carrier that operates in several coastal Mid-Atlantic states. The company's ERM is viewed as appropriate, supported by its developed framework and appropriate risk management capabilities that includes a comprehensive reinsurance program tailored to manage catastrophic and systemic risks effectively. The stable outlooks are based on AM Best's expectation that Westminster's overall balance sheet strength will remain very strong, marked by stability in the capital position supported by the strongest level of risk-adjusted capitalization, as measured by BCAR. The stable outlooks further reflect the expectation that operating performance will continue to support the adequate assessment level based on management's disciplined underwriting and pricing strategies to generate organic surplus growth. 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 Maurice Thomas Senior Financial Analyst +1 908 882 2392 Joseph Burtone Director +1 908 882 1678 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
21-03-2025
- Business
- Yahoo
AM Best Assigns Credit Ratings to IQUW Re Bermuda Limited
LONDON, March 21, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to IQUW Re Bermuda Limited (IQUW Re) (Bermuda). IQUW Re is a wholly owned subsidiary of IQUW Holdings Bermuda Limited (IQUW), the ultimate holding company of the IQUW group. In addition, AM Best has assigned a Long-Term Issue Credit Rating of "bbb-" (Good) on $170 million senior unsecured notes, due 2035, issued by IQUW. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect IQUW's 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 IQUW Re also reflect its strategic importance to IQUW. IQUW Re is the group's Bermuda-domiciled reinsurer. The company writes a substantial whole account quota share of the group's Lloyd's corporate member and is expected to underwrite a modest volume of third-party reinsurance business over time. The IQUW group is a specialty (re)insurer that has successfully managed the early years of its build out phase, operating through established Lloyd's syndicates. The group has an emerging presence and distribution network in the competitive London market. IQUW has an experienced management team, and its underwriters have a credible record within targeted lines of business. The group reported a diversified book of USD 1.3 billion gross written premiums in 2023, and in 2024 is expected to have grown by more than 20%. IQUW's balance sheet strength assessment is underpinned by risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level. The group's risk-adjusted capitalisation benefits from a recent debt raise, and over time, is expected to be supported by the retention of earnings as the organisation grows. The balance sheet strength assessment incorporates modest leverage and good expected interest coverage. IQUW's balance sheet strength is supported by an appropriate reinsurance programme placed with reinsurers of excellent credit quality, a conservative investment strategy, good liquidity and limited exposure to legacy business. IQUW's adequate operating performance assessment considers the group's well-defined five-year business plan, along with its good underwriting performance in financial years 2023 and 2024. While there is heightened execution risk during the group's growth phase, AM Best considers its risk management capabilities to be relatively sophisticated and key in controlling and mitigating risks presented during the early years of operations. 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. View source version on Contacts Emily Thompson Senior Financial Analyst +44 20 7397 0291 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Tim Prince Director, Analytics +44 20 7397 0320 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
