Latest news with #CreditAssessments
Business Wire
24-06-2025
- Business
- Business Wire
AM Best Comments on Credit Ratings of Philadelphia Insurance Companies' Members; Tokio Marine America Group and First Insurance Company of Hawaii, Ltd.'s Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Philadelphia Indemnity Insurance Company and its affiliate, Tokio Marine Specialty Insurance Company (both headquartered in Bala Cynwyd, PA), which operate under a pooling agreement, collectively referred to as Philadelphia Insurance Companies (Philadelphia); along with Tokio Marine America Group and First Insurance Company of Hawaii, Ltd.'s (FICOH) (Honolulu, HI) subsidiaries remain unchanged following the organization's announcement that it sustained an information security event, which has resulted in a widespread network outage impacting Philadelphia, Tokio Marine America Group and FICOH's systems. On June 9, 2025, the organization received an alert regarding suspicious activity on its IT network. The organization took immediate actions to respond to the situation and disconnected affected systems to contain the threat. AM Best notes that the organization notified law enforcement and is engaged in a comprehensive forensic analysis, which is currently ongoing to determine the full scope, nature and ultimate impact to the organization. Philadelphia, Tokio Marine America Group and FICOH have activated their business continuity plans, including interim solutions that enable employees to carry out essential functions, while system restoration efforts are underway. While the situation continues to evolve, AM Best will continue to monitor the cyber event for any signs that the incident may impair the company's operational capabilities, harm its reputation or market position, or prompt a reassessment of its enterprise risk management capabilities. 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
23-06-2025
- Business
- Business Wire
AM Best Assigns Credit Ratings to JMalucelli Travelers Seguros SA
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to JMalucelli Travelers Seguros SA (JMT) (Colombia). The outlook assigned to the Credit Ratings (ratings) is stable. The ratings reflect JMT's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider support from JMT's ultimate parent, Liberty Mutual Holding Company Inc. (Liberty Mutual). JMT is a niche provider focused on underwriting surety bonds, with a limited number of other associated adjacent lines, in various business sectors, exclusively in Colombia. The company leverages its long-term producer partnerships across multiple distribution sources, as well as Liberty Mutual's deep experience and expertise in writing surety worldwide. JMT's balance sheet strength is supported by its strongest level of risk-adjusted capitalization, as measured by Best's Credit Adequacy Ratio (BCAR). The balance sheet strength assessment considers JMT's solid reinsurance program with Liberty Mutual, as well as a conservative investment philosophy. The business JMT is writing has shown consistent profitability historically, while underwriting income is expected to be augmented by investment returns. The company's risk management frameworks and capabilities are considered appropriate and aligned with its stated risk profile, along with guidance and oversight by Liberty Mutual. 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
20-06-2025
- Business
- Yahoo
AM Best Comments on Credit Ratings of Erie Insurance Group and Erie Family Life Insurance Company
OLDWICK, N.J., June 20, 2025--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of the property/casualty (P/C) members of Erie Insurance Group (Erie) and Erie Family Life Insurance Company (EFL) remain unchanged following the organization's announcement that it sustained an information security event, which has resulted in a widespread network outage impacting Erie's systems. On June 11, 2025, Erie filed a form 8-K, which is in accordance with the U.S. Securities and Exchange Commission requirements, providing details on the cybersecurity incident. The Form 8-K discloses Erie identified unusual network activity beginning on June 7, 2025, and took immediate action to respond to the situation. AM Best notes that the organization is engaging third-party service providers to undertake a comprehensive forensic analysis, which is currently ongoing, to understand the full scope, nature and impact to the organization. To support operations, the organization has activated its business continuity plan, including interim solutions that enable employees to carry out essential functions while system restoration efforts are underway. While the situation remains fluid and continues to evolve, AM Best will continue to monitor the cyber event for any signs that the incident may impair the company's operational capabilities, harm its reputation or market position, or prompt a reassessment of its enterprise risk management capabilities, which is currently viewed as appropriate. 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 Cristian Sieira Senior Financial Analyst +1 908 882 2315 Michael Venezia Senior Financial Analyst +1 908 882 2414 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
11-06-2025
- Business
- Yahoo
AM Best Upgrades Credit Ratings of Forge Insurance Company
OLDWICK, N.J., June 11, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb+" (Good) of Forge Insurance Company (Forge) (Bethesda, MD). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Forge'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. The rating upgrades reflect Forge's continuing improvement in its operating results since its strategic pivot in 2022 to focus on expanding into lower-risk small business segment of the commercial auto business. Forge reported loss ratios that were much lower than its commercial auto peers in 2022 - 2024. Expense ratios, which currently remain elevated, have decreased considerably from prior years, and are projected to decrease further in the coming years as Forge ramps up its premium writings while benefiting from scale and past investment in distribution and technology. The share of small business in Forge's business mix has increased significantly in policy count and premium volume in recent years. The stable outlooks reflect AM Best's expectation that Forge will continue to execute its strategic plans with manageable deviations and the company's underwriting and overall results will continue to improve and stabilize as its business mix gradually moves toward lower-risk vehicle classes in more favorable geographic locations. Further, AM Best expects the company will maintain balance sheet strength in the very strong range over the intermediate term. 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 Jieqiu Fan Associate Director +1 908 882 1762 Sharon Marks Director +1 908 882 2092 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
11-06-2025
- Business
- Yahoo
AM Best Upgrades Credit Ratings of Forge Insurance Company
OLDWICK, N.J., June 11, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb+" (Good) of Forge Insurance Company (Forge) (Bethesda, MD). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Forge'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. The rating upgrades reflect Forge's continuing improvement in its operating results since its strategic pivot in 2022 to focus on expanding into lower-risk small business segment of the commercial auto business. Forge reported loss ratios that were much lower than its commercial auto peers in 2022 - 2024. Expense ratios, which currently remain elevated, have decreased considerably from prior years, and are projected to decrease further in the coming years as Forge ramps up its premium writings while benefiting from scale and past investment in distribution and technology. The share of small business in Forge's business mix has increased significantly in policy count and premium volume in recent years. The stable outlooks reflect AM Best's expectation that Forge will continue to execute its strategic plans with manageable deviations and the company's underwriting and overall results will continue to improve and stabilize as its business mix gradually moves toward lower-risk vehicle classes in more favorable geographic locations. Further, AM Best expects the company will maintain balance sheet strength in the very strong range over the intermediate term. 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 Jieqiu Fan Associate Director +1 908 882 1762 Sharon Marks Director +1 908 882 2092 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
