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Yahoo
04-07-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Berkley International Compañía de Garantías México S.A. de C.V.
MEXICO CITY, July 03, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior), the Long-Term Issuer Credit Rating (Long-Term ICR) of "aa-" (Superior) and the Mexico National Scale Rating (NSR) of " (Exceptional) of Berkley International Compañía de Garantías Mexico S.A. de C.V. (BICGM) (Mexico City, Mexico). The outlook of the Long-Term ICR is positive while the outlooks of the FSR and NSR are stable. BICGM is a member of W. R. Berkley Insurance Group (Berkley Group), which on a consolidated basis has a balance sheet strength that AM Best assesses at the strongest level, as well as strong operating performance, a favorable business profile and appropriate enterprise risk management (ERM). The positive outlook for the Long-Term ICR reflects the Berkley Group's favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage. These Credit Ratings (ratings) reflect BICGM's integration with its parent company, W. R. Berkley Corporation (W. R. Berkley), in terms of corporate goals, underwriting, ERM and capital commitments, as well as the substantial reinsurance support from its group through the Berkley Insurance Company (BIC). BICGM was formed in November 2016 and is one of W. R. Berkley's two Mexico subsidiaries. The company received regulatory approval to underwrite surety business in June 2017 and issued its first policy that same month. During 2023, BICGM also requested regulatory approval to underwrite guarantee insurance. With this new line of business, management decided to start 2024 under BICGM, which offers a mix of administrative products in the surety segment, and a lesser portion of credit and judicial products. The company expects to start offering guarantee insurance in 2026. BICGM is backed by a comprehensive reinsurance contract with BIC. BICGM's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is derived from its sound capital position, strengthened further by the comprehensive reinsurance contract with BIC, a growing capital base due to reinvestment of earnings and capital injection in 2023. Furthermore, AM Best recognizes W. R. Berkley's commitment to its subsidiaries in providing additional capital fungibility to the Mexico operation. BICGM has been able to grow its business volume during the past eight years. In 2023, BICGM presented significant premium growth, mainly driven by increased government construction activities, as well as the recent nearshoring phenomenon in the north of Mexico. During 2024, premium growth was lower than previous year, mainly caused by a slowdown of Mexico's economy and a contraction of the construction sector. The company takes advantage of the reinsurance support received from the Berkley Group, which has allowed BICGM to achieve premium sufficiency, and further strengthened its profitability through investment income. If positive rating actions are taken due to the ultimate parent's operating performance showing continued and sustained outperformance of the strong peer group, BICGM's ratings would mirror those actions. A positive rating action could also occur if the ultimate parent's balance sheet metrics continue to improve, underpinned by improvement in its financial leverage while maintaining organic surplus growth. Negative rating actions could occur to the Berkley Group's insurance operations if the financial position of the ultimate parent weakens, requiring either the withdrawal of capital from the various insurance companies, an increase in financial leverage, or a decline in interest coverage that is not supportive of the current ratings. BICGM's ratings would reflect any rating actions taken as a result of the aforementioned scenarios. 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 Sebastian del Rio Associate Financial Analyst +52 55 1102 2720, ext. 117 Salvador Smith, CQF Associate Director, Analytics +52 55 1102 2720, ext. 109 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
04-07-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Berkley International Seguros México S.A.
MEXICO CITY, July 03, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior), the Long-Term Issuer Credit Rating (Long-Term ICR) of "aa-" (Superior) and the Mexico National Scale Rating (NSR) of " (Exceptional) of Berkley International Seguros México S.A. (BISM) (Mexico City, Mexico). The outlook of the Long-Term ICR is positive while the outlooks of the FSR and NSR are stable. BISM is a member of W. R. Berkley Insurance Group (Berkley Group), which on a consolidated basis has a balance sheet strength that AM Best assesses at the strongest level, as well as strong operating performance, a favorable business profile and appropriate enterprise risk management (ERM). The positive outlook for the Long-Term ICR reflects the Berkley Group's favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage. These Credit Ratings (ratings) reflect BISM's substantial reinsurance support from its group through the Berkley Insurance Company (BIC). Additionally, the ratings factor in BISM's integration with its parent company, W. R. Berkley Corporation (W. R. Berkley), in terms of underwriting, ERM and capital commitments. BISM was formed in November 2016 and is one of W. R. Berkley's two Mexico subsidiaries. The company received regulatory approval for operations in June 2017 and issued its first policy in July of that same year. BISM offers a diversified slate of property/casualty products, backed up by treaty and facultative reinsurance contracts with BIC. BISM's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is derived from its sound capital position, further strengthened by the 95/5 percent quota share and excess of loss contracts provided by BIC. Furthermore, AM Best recognizes W. R. Berkley's commitment to its subsidiaries through additional capital fungibility to the Mexico operation. BISM has been able to grow its business volume during the past eight years. Management and underwriting teams have successfully navigated changes in the market's economic dynamics in recent years. The company continues to take advantage of the reinsurance support received from the Berkley Group, which allowed BISM to generate positive bottom-line results in 2024, marking the fifth time since BISM began operations. This performance is also underpinned by premium sufficiency and further strengthened by investment income. If positive rating actions are taken due to the ultimate parent's operating performance showing continued and sustained outperformance of the strong peer group, BISM ratings would mirror those actions. A positive rating action could also occur if the ultimate parent's balance sheet metrics continue to improve, underpinned by improvement in its financial leverage while maintaining organic surplus growth. Negative rating actions could occur to the Berkley Group's insurance operations if the financial position of the ultimate parent weakens, requiring either the withdrawal of capital from the various insurance companies, an increase in financial leverage or a decline in interest coverage that is not supportive of the current ratings. BISM's ratings would reflect any rating actions taken as a result of the aforementioned scenarios. 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 Sebastian del Rio Associate Financial Analyst +52 55 1102 2720, ext. 117 Salvador Smith, CQF Associate Director, Analytics +52 55 1102 2720, ext. 109 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
04-07-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of W. R. Berkley Corporation and Its Subsidiaries
OLDWICK, N.J., July 03, 2025--(BUSINESS WIRE)--AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of W. R. Berkley Corporation (W. R. Berkley) (Greenwich, CT) [NYSE: WRB] and all associated Long-Term Issue Ratings (Long-Term IRs) and indicative Long-Term IRs for securities issued by W. R. Berkley. At the same time, AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of "aa-" (Superior) of Berkley Insurance Company (Wilmington, DE) and its reinsured subsidiaries and affiliates, collectively referred to as W. R. Berkley Insurance Group (Berkley Group). AM Best also has affirmed the FSR of A+ (Superior) and the Long-Term ICR of "aa-" (Superior) of Berkley Life and Health Insurance Company (Berkley Life and Health) (Urbandale, IA). The outlook of the FSR is stable while the outlook of the Long-Term ICR is positive. (See below for a detailed list of the companies and ratings.) The positive outlook for the Long-Term ICR reflects the Berkley Group's favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage. The Credit Ratings (ratings) of the Berkley Group reflect its balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). Berkley Group's balance sheet strength assessment is anchored by its risk-adjusted capitalization consistently being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Debt leverage has trended downward over the past five years and was 19.1%, adjusted as of year-end 2024. The group's interest coverage and liquidity metrics remain strong. Berkley Group effectively maintains a diversified investment portfolio to support its liabilities and is focused on creating the most favorable return while maintaining its risk tolerance levels. The group continues to maintain its favorable market share in its core lines of business, as well as continuing to grow organically through new businesses and opportunities. The group's historically consistent operating results and profitability metrics point to agile underwriting and pricing discipline, as well as effective risk management expertise. Berkley Group reported net premium growth across most of its core business in the first quarter of 2025, with a GAAP return-on-equity (ROE) ratio of 19.9% and GAAP operating ROE of 19.3%. Berkley Group's effective ERM practices and risk-modeling capabilities are supportive of its current investment and operational risks as demonstrated by its lack of volatility in its financial results and the enterprise's overall capitalization. The ratings of Berkley Life and Health reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect the financial and operational support of the parent company. Berkley Life and Health's balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by BCAR. Despite paying a $75 million dividend to its parent in 2024, the company still maintained its BCAR in the strongest assessment level while reporting favorable liquidity ratios and positive cash flow at year-end 2024. It continues to maintain a conservative, high-quality investment portfolio consisting of fixed-income securities and cash & short-term investments. Berkley Life and Health has grown net premium annually over the last five years driven by new and renewal sales of its group captive and medical stop-loss products. Except for 2024, the company has reported increasing net underwriting income annually during this period, with slightly lower net underwriting income reported at year-end 2024. While Berkley Life and Health is a leader in the group captive market and maintains a niche in the small group medical stop-loss space, it operates in a highly competitive medical stop-loss market dominated by larger national insurers. The company benefits from explicit and implicit support provided by W. R. Berkley, and is fully integrated into the parent's strategy, operations and ERM. The FSR of A+ (Superior) and the Long-Term ICRs of "aa-" (Superior) have been affirmed, with a stable outlook for the FSR and positive outlooks for the Long-Term ICRs for the following members of W. R. Berkley Insurance Group: Acadia Insurance Company Admiral Indemnity Company Admiral Insurance Company Berkley Casualty Company Berkley Assurance Company Berkley Insurance Company Berkley National Insurance Company Berkley Prestige Insurance Company Berkley Regional Insurance Company Berkley Specialty Insurance Company Carolina Casualty Insurance Company Clermont Insurance Company Continental Western Insurance Company Firemen's Insurance Company of Washington, D.C. Gemini Insurance Company Great Divide Insurance Company Intrepid Casualty Company Intrepid Insurance Company Intrepid Specialty Insurance Company Key Risk Insurance Company Midwest Employers Casualty Company Nautilus Insurance Company Preferred Employers Insurance Company Queen's Island Insurance Company, Ltd. Riverport Insurance Company StarNet Insurance Company Tri-State Insurance Company of Minnesota Union Insurance Company Union Standard Lloyds W. R. Berkley Europe AG Berkley International Seguros Mexico S.A. Berkley International Compania de Garantias Mexico, S.A. de C.V. The following Long-Term IRs have been affirmed with positive outlooks: W. R. Berkley Corporation—-- "a-" (Excellent) on $250 million, 6.25% senior unsecured notes, due 2037-- "a-" (Excellent) on $350 million, 4.75% senior unsecured notes, due 2044-- "a-" (Excellent) on 470 million, 4.0% senior unsecured notes, due 2050-- "a-" (Excellent) on $400 million, 3.55% senior unsecured notes, due 2052-- "a-" (Excellent) on $350 million, 3.15% senior unsecured notes, due 2061-- "bbb+" (Good) on $185 million, 5.7% subordinated debentures, due 2058-- "bbb+" (Good) on $300 million, 5.1% subordinated debentures, due 2059-- "bbb+" (Good) on $250 million, 4.25% subordinated debentures, due 2060-- "bbb+" (Good) on $300 million, 4.125% subordinated debentures, due 2061 The following indicative Long-Term IRs under the shelf registration have been affirmed with positive outlooks: W. R. Berkley Corporation—-- "a-" (Excellent) on senior unsecured debt-- "bbb+" (Good) on subordinated debt-- "bbb" (Good) on preferred stock W. R. Berkley Capital Trust III—-- "bbb" (Good) on preferred securities 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 Elizabeth Blamble Senior Financial Analyst +1 908 882 1661 Brian Virostek Financial Analyst +1 908 882 2417 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
Yahoo
03-07-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Berkley International Compañía de Garantías México S.A. de C.V.
MEXICO CITY, July 03, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior), the Long-Term Issuer Credit Rating (Long-Term ICR) of "aa-" (Superior) and the Mexico National Scale Rating (NSR) of " (Exceptional) of Berkley International Compañía de Garantías Mexico S.A. de C.V. (BICGM) (Mexico City, Mexico). The outlook of the Long-Term ICR is positive while the outlooks of the FSR and NSR are stable. BICGM is a member of W. R. Berkley Insurance Group (Berkley Group), which on a consolidated basis has a balance sheet strength that AM Best assesses at the strongest level, as well as strong operating performance, a favorable business profile and appropriate enterprise risk management (ERM). The positive outlook for the Long-Term ICR reflects the Berkley Group's favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage. These Credit Ratings (ratings) reflect BICGM's integration with its parent company, W. R. Berkley Corporation (W. R. Berkley), in terms of corporate goals, underwriting, ERM and capital commitments, as well as the substantial reinsurance support from its group through the Berkley Insurance Company (BIC). BICGM was formed in November 2016 and is one of W. R. Berkley's two Mexico subsidiaries. The company received regulatory approval to underwrite surety business in June 2017 and issued its first policy that same month. During 2023, BICGM also requested regulatory approval to underwrite guarantee insurance. With this new line of business, management decided to start 2024 under BICGM, which offers a mix of administrative products in the surety segment, and a lesser portion of credit and judicial products. The company expects to start offering guarantee insurance in 2026. BICGM is backed by a comprehensive reinsurance contract with BIC. BICGM's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is derived from its sound capital position, strengthened further by the comprehensive reinsurance contract with BIC, a growing capital base due to reinvestment of earnings and capital injection in 2023. Furthermore, AM Best recognizes W. R. Berkley's commitment to its subsidiaries in providing additional capital fungibility to the Mexico operation. BICGM has been able to grow its business volume during the past eight years. In 2023, BICGM presented significant premium growth, mainly driven by increased government construction activities, as well as the recent nearshoring phenomenon in the north of Mexico. During 2024, premium growth was lower than previous year, mainly caused by a slowdown of Mexico's economy and a contraction of the construction sector. The company takes advantage of the reinsurance support received from the Berkley Group, which has allowed BICGM to achieve premium sufficiency, and further strengthened its profitability through investment income. If positive rating actions are taken due to the ultimate parent's operating performance showing continued and sustained outperformance of the strong peer group, BICGM's ratings would mirror those actions. A positive rating action could also occur if the ultimate parent's balance sheet metrics continue to improve, underpinned by improvement in its financial leverage while maintaining organic surplus growth. Negative rating actions could occur to the Berkley Group's insurance operations if the financial position of the ultimate parent weakens, requiring either the withdrawal of capital from the various insurance companies, an increase in financial leverage, or a decline in interest coverage that is not supportive of the current ratings. BICGM's ratings would reflect any rating actions taken as a result of the aforementioned scenarios. 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 Sebastian del Rio Associate Financial Analyst +52 55 1102 2720, ext. 117 Salvador Smith, CQF Associate Director, Analytics +52 55 1102 2720, ext. 109 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
03-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Berkley International Compañía de Garantías México S.A. de C.V.
MEXICO CITY--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior), the Long-Term Issuer Credit Rating (Long-Term ICR) of 'aa-' (Superior) and the Mexico National Scale Rating (NSR) of ' (Exceptional) of Berkley International Compañía de Garantías Mexico S.A. de C.V. (BICGM) (Mexico City, Mexico). The outlook of the Long-Term ICR is positive while the outlooks of the FSR and NSR are stable. BICGM is a member of W. R. Berkley Insurance Group (Berkley Group), which on a consolidated basis has a balance sheet strength that AM Best assesses at the strongest level, as well as strong operating performance, a favorable business profile and appropriate enterprise risk management (ERM). The positive outlook for the Long-Term ICR reflects the Berkley Group's favorable operating performance and balance sheet metrics. Berkley Group has grown its GAAP surplus organically over the most recent 10-year period. Additionally, Berkley Group has improved its financial leverage. These Credit Ratings (ratings) reflect BICGM's integration with its parent company, W. R. Berkley Corporation (W. R. Berkley), in terms of corporate goals, underwriting, ERM and capital commitments, as well as the substantial reinsurance support from its group through the Berkley Insurance Company (BIC). BICGM was formed in November 2016 and is one of W. R. Berkley's two Mexico subsidiaries. The company received regulatory approval to underwrite surety business in June 2017 and issued its first policy that same month. During 2023, BICGM also requested regulatory approval to underwrite guarantee insurance. With this new line of business, management decided to start 2024 under BICGM, which offers a mix of administrative products in the surety segment, and a lesser portion of credit and judicial products. The company expects to start offering guarantee insurance in 2026. BICGM is backed by a comprehensive reinsurance contract with BIC. BICGM's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is derived from its sound capital position, strengthened further by the comprehensive reinsurance contract with BIC, a growing capital base due to reinvestment of earnings and capital injection in 2023. Furthermore, AM Best recognizes W. R. Berkley's commitment to its subsidiaries in providing additional capital fungibility to the Mexico operation. BICGM has been able to grow its business volume during the past eight years. In 2023, BICGM presented significant premium growth, mainly driven by increased government construction activities, as well as the recent nearshoring phenomenon in the north of Mexico. During 2024, premium growth was lower than previous year, mainly caused by a slowdown of Mexico's economy and a contraction of the construction sector. The company takes advantage of the reinsurance support received from the Berkley Group, which has allowed BICGM to achieve premium sufficiency, and further strengthened its profitability through investment income. If positive rating actions are taken due to the ultimate parent's operating performance showing continued and sustained outperformance of the strong peer group, BICGM's ratings would mirror those actions. A positive rating action could also occur if the ultimate parent's balance sheet metrics continue to improve, underpinned by improvement in its financial leverage while maintaining organic surplus growth. Negative rating actions could occur to the Berkley Group's insurance operations if the financial position of the ultimate parent weakens, requiring either the withdrawal of capital from the various insurance companies, an increase in financial leverage, or a decline in interest coverage that is not supportive of the current ratings. BICGM's ratings would reflect any rating actions taken as a result of the aforementioned scenarios. 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.
