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AM Best to Sponsor and Participate at Vietnam Insurance Summit
AM Best to Sponsor and Participate at Vietnam Insurance Summit

Business Wire

time2 days ago

  • Business
  • Business Wire

AM Best to Sponsor and Participate at Vietnam Insurance Summit

SINGAPORE--(BUSINESS WIRE)-- AM Best will participate and be a sponsor at the Vietnam Insurance Summit, to be held 1 August 2025 in Quy Nhon, Vietnam. AM Best Senior Financial Analyst Ken Lau will discuss the credit rating agency's 2025 outlook on Vietnam's non-life insurance segment. Lau, who joined AM Best in 2020, is responsible for the credit ratings of insurance and reinsurance companies in the Asia Pacific region and is particularly knowledgeable with Vietnam's insurance market. The presentation, which will include topics such as insurance demand, regulatory refinements and market competition, is scheduled for 2:15 p.m. ICT. Additionally, Rob Curtis, managing director and chief executive officer, Asia Pacific, and Johnathan Wong, market development analyst, Asia Pacific, will be in attendance and available for meetings. To arrange a meeting with either Curtis or Wong to learn more about AM Best, its role in the insurance industry and the resources it offers to insurance professionals, including Best's Credit Ratings, please email or Under the theme 'Insurance Development Strategy in the AI Revolution,' the summit will focus on artificial intelligence (AI) applications, data-sharing systems, digital ecosystem development and customer experience optimization through a plenary session and two in-depth conference tracks. AM Best is a diamond sponsor of the event, which will take place at the Hotel Anya Premier. To learn more about the summit, visit here. Visitors to the AM Best booth can learn about the rating agency's Best's Credit Ratings, insurance data and analysis resources and financial data products and Best's Performance Assessment for Delegated Underwriting Authority Enterprises (DUAEs).

AM Best Upgrades Credit Ratings of Kuwait Reinsurance Company K.S.C.P.
AM Best Upgrades Credit Ratings of Kuwait Reinsurance Company K.S.C.P.

Business Wire

time17-07-2025

  • Business
  • Business Wire

AM Best Upgrades Credit Ratings of Kuwait Reinsurance Company K.S.C.P.

LONDON--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to 'a' (Excellent) from 'a-' (Excellent) of Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) (Kuwait), which is majority owned by Al Ahleia Insurance Company S.A.K.P. (Al Ahleia). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Kuwait Re's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The rating upgrades reflect Kuwait Re's sustained improvement in operating performance in recent years, evidenced by a return-on-equity ratio that has increased steadily to 16.5% in 2024 from 9.5% in 2020. Earnings have been underpinned by robust underwriting profitability, which includes substantial reserving margins that provide a buffer against volatility. AM Best expects Kuwait Re's underwriting discipline and prudent risk selection to support its prospective operating metrics. Kuwait Re's balance sheet strength is underpinned by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company's balance sheet strength is supported by a track record of internal capital generation, along with prudent reserving practices and good liquidity. A partially offsetting factor is Kuwait Re's holdings of higher-risk assets, with its real estate and equity portfolio equating to approximately 13% of total investments at year-end 2024, which exposes its capital base to potential volatility. Kuwait Re's neutral business profile assessment reflects its diversification by geography and product offering. The company's operations span the Middle East, North Africa, Asia-Pacific and Central and Eastern Europe, where it provides proportional and non-proportional cover to its cedants. Kuwait Re reported insurance revenue of KWD 79.9 million (USD 260.1 million) in 2024, representing growth of 10% compared with 2023, driven in part by favourable reinsurance market conditions in its core markets. 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.

AM Best Affirms Credit Ratings of Everspan Indemnity Insurance Company and Its Affiliates
AM Best Affirms Credit Ratings of Everspan Indemnity Insurance Company and Its Affiliates

Business Wire

time17-07-2025

  • Business
  • Business Wire

AM Best Affirms Credit Ratings of Everspan Indemnity Insurance Company and Its Affiliates

BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a-' (Excellent) of Everspan Indemnity Insurance Company (Phoenix, AZ) and its affiliates, collectively referred to as Everspan Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a listing of the companies and ratings.) The ratings reflect Everspan Group'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). The balance sheet strength assessment reflects risk-adjusted capitalization supportive of the group's current and near-term risk exposures. Capital was initially provided by Ambac Financial Group, Inc. [NYSE: AMBC]. AM Best assesses Everspan Group's operating performance as adequate based on execution and implementation of its business plan during its formative stages. The group began actively writing premium during second-quarter 2021, and results through first-quarter 2025 have consistently remained within AM Best's expectations. AM Best views Everspan Group's business profile as limited. This reflects its position as a participating fronting carrier and specialty program writer operating within the competitive fronting space. Everspan Group provides services for a diverse mix of managing general agents aligned with highly rated reinsurance partners. The enterprise retains a strategic level of net premium on select programs and employs a gross lines approach to underwriting. Everspan Group's ERM framework reflects a clearly defined risk appetite structure; it addresses the heightened risks inherent in the group's business profile and was developed by its experienced management team. Negative rating actions could occur if there is a material decline in Everspan Group's risk-adjusted capitalization, if operating results fall short of projections, or if the enterprise fails to execute its business profile strategy. The FSR of A- (Excellent) and the Long-Term ICRs of 'a-' (Excellent) have been affirmed with stable outlooks for the following members of Everspan Group: Everspan Indemnity Insurance Company Everspan Insurance Company Greenwood Insurance Company Consolidated Specialty Insurance Company Providence Washington Insurance Company 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 Upgrades Credit Ratings of Al Ahleia Insurance Company S.A.K.P.
AM Best Upgrades Credit Ratings of Al Ahleia Insurance Company S.A.K.P.

Business Wire

time17-07-2025

  • Business
  • Business Wire

AM Best Upgrades Credit Ratings of Al Ahleia Insurance Company S.A.K.P.

LONDON--(BUSINESS WIRE)-- AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to 'a' (Excellent) from 'a-' (Excellent) of Al Ahleia Insurance Company S.A.K.P. (Al Ahleia) (Kuwait). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Al Ahleia's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The rating upgrades reflect recent improvements in Al Ahleia's consolidated balance sheet strength fundamentals. Notably, the company's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), has increased, underpinned by robust organic capital generation and the development of significant reserving buffers. Moreover, Al Ahleia's exposure to higher-risk assets has been reducing steadily, with the company reinvesting in cash and fixed income instruments. At year-end 2024, holdings of equities and real estate comprised 25% of total investments, down from almost 40% in 2020. Al Ahleia has a track record of strong operating performance. The company has reported improving pre-tax profits over the past five years, reaching KWD 25.9 million (USD 84.1 million) in 2024, equivalent to a return on equity of 15.4%. Profitability has been underpinned by good underwriting results, with Al Ahleia achieving a consolidated net-net combined ratio of 89.3% in 2024, as calculated by AM Best. This reflects strong performance arising from the company's direct operations in Kuwait and the improving results reported by its largest subsidiary, Kuwait Reinsurance Company K.S.C.P. (Kuwait Re). Al Ahleia's business profile reflects its established position as a top tier insurer in Kuwait's insurance market. The group achieves geographical diversification through its reinsurance operation, Kuwait Re. On a consolidated basis, Al Ahleia generated consolidated insurance revenue of KWD 132.1 million (USD 430 million) in 2024, an increase of 9% against the prior year. 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 Affirms Credit Ratings of Quanta Insurance Company, Inc.
AM Best Affirms Credit Ratings of Quanta Insurance Company, Inc.

Business Wire

time11-07-2025

  • Business
  • Business Wire

AM Best Affirms Credit Ratings of Quanta Insurance Company, Inc.

BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Quanta Insurance Company, Inc. (QIC) (Houston, TX). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect QIC's 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. QIC is a single parent captive of Quanta Services, Inc. [NYSE: PWR], a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, communications, pipeline and energy industries. QIC is domiciled in Texas, and writes, on a direct basis, workers' compensation, commercial auto and general liability deductible reimbursement policies for Quanta Services, Inc., and affiliated entities on an occurrence basis. QIC's captive orientation not only affords it with ready access to business, but it also benefits from its familiarity of these homogeneous risk exposures, its parent's extensive training, fleet management, loss control initiatives and workplace safety. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and 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.

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