Latest news with #CreditRatings
Business Wire
2 days 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
2 days ago
- Business
- Business Wire
AM Best Revises Outlooks to Negative for The Brethren Mutual Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of The Brethren Mutual Insurance Company (Brethren) (Hagerstown, MD). The Credit Ratings (ratings) reflect Brethren'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 (ERM). Brethren's revised ratings outlooks to negative from stable reflect deterioration in the company's operating performance metrics, which have been driven primarily by an influx of weather-related events and have contributed to underwriting losses in each of the last three years. Brethren has been proactively taking corrective actions including implementing new business moratoriums, coverage restrictions, deductible changes and non-renewing policies with poor loss experience; however, results have continued to trail the composite. Continuation of these trends would likely lead to a revision in AM Best's adequate operating performance assessment. The very strong balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The neutral business profile reflects the company's market leading position in its top line of business, and farmowners', in its core states, Maryland and Delaware. In addition, the company has a modest amount of geographic diversification with a spread of risks between commercial, farm, home and auto. AM Best considers Brethren's ERM program to be appropriate for its risk profile and includes comprehensive risk management. 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
2 days ago
- Business
- Yahoo
AM Best Revises Outlooks to Negative for The Brethren Mutual Insurance Company
OLDWICK, N.J., July 22, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of The Brethren Mutual Insurance Company (Brethren) (Hagerstown, MD). The Credit Ratings (ratings) reflect Brethren'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 (ERM). Brethren's revised ratings outlooks to negative from stable reflect deterioration in the company's operating performance metrics, which have been driven primarily by an influx of weather-related events and have contributed to underwriting losses in each of the last three years. Brethren has been proactively taking corrective actions including implementing new business moratoriums, coverage restrictions, deductible changes and non-renewing policies with poor loss experience; however, results have continued to trail the composite. Continuation of these trends would likely lead to a revision in AM Best's adequate operating performance assessment. The very strong balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The neutral business profile reflects the company's market leading position in its top line of business, and farmowners', in its core states, Maryland and Delaware. In addition, the company has a modest amount of geographic diversification with a spread of risks between commercial, farm, home and auto. AM Best considers Brethren's ERM program to be appropriate for its risk profile and includes comprehensive risk management. 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 Daniel Mangano Senior Financial Analyst +1 908 882 1907 Maurice Thomas Senior Financial Analyst +1 908 882 2392 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
5 days ago
- Business
- Business Wire
AM Best Downgrades Issuer Credit Rating of Cowen Reinsurance S.A.; Maintains Under Review With Negative Implications Status on Credit Ratings
AMSTERDAM--(BUSINESS WIRE)-- AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to 'bbb' (Good) from 'bbb+' (Good) and affirmed the Financial Strength Rating of B++ (Good) of Cowen Reinsurance S.A. (Cowen Re) (Luxembourg). In addition, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings). These ratings reflect Cowen Re's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The Long-Term ICR downgrade reflects the poor track record of Cowen Re's operating performance. Since its start of operations in 2016, Cowen Re has reported cumulative technical losses, which have been largely offset by investment gains. Cowen Re's five-year weighted average combined ratio stood at 122.9% (as calculated by AM Best). Furthermore, during its ongoing sale process that started after its acquisition by Toronto-Dominion Bank (TD Bank) in March 2023, Cowen Re is only renewing existing programmes and is not underwriting any new business, putting the company under greater expense strain. Cowen Re's ratings were initially placed under review on June 15, 2023. This was due to the uncertainty regarding Cowen Re's future ownership, given that AM Best does not expect the company to form a part of TD Bank's long-term plans. Additionally, the negative implications status also reflects the uncertainty regarding the company's strategic plans and the negative trend on the company's business profile as Cowen Re is unable to underwrite new business. Although Cowen Re reported a pre-tax profit (before movements in equalisation reserves) of USD 9.95 million, mainly driven by investment income, technical performance remained under pressure, as reflected by a combined ratio of 118.4% at year-end 2024 (as calculated by AM Best). The resolution of TD Bank's plans for the company has taken longer than AM Best originally expected. The ratings will remain under review with negative implications until AM Best has gained certainty regarding the company's long-term ownership and business plans. 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.
Business Wire
7 days ago
- Business
- Business Wire
AM Best Revises Outlooks to Positive for Farm Mutual Reinsurance Plan Inc.
BUSINESS WIRE)-- AM Best has revised outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb+' (Good) of Farm Mutual Reinsurance Plan Inc. (Farm Mutual Re) (Ontario, Canada). The Credit Ratings (ratings) reflect Farm Mutual Re's balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The positive outlooks reflect the improvement in Farm Mutual Re's underwriting profitability over the last few years and the continued impact of favorable reserve development on its overall operating results. Beginning in 2020, Farm Mutual Re launched a strategic plan to restore underwriting profitability following a period of performance deterioration driven by elevated catastrophe losses. Since then, the company has demonstrated improvement in its member and broker segments through more disciplined underwriting practices, including significant rate increases, improved risk selection, and tighter expense management. As such, Farm Mutual Re's results have benefited from management's strategic initiatives and, as a result, the company recorded its strongest year in its history in 2024, with an overall net income gain of $105.2 million. While Farm Mutual Re, as a reinsurer, remains inherently exposed to volatility from catastrophe events, AM Best expects the company's operating results to remain positive over the near term, supported by improved underwriting discipline and sustained favorable reserve development trends. Farm Mutual Re was established in 1959, is the exclusive reinsurer for 43 members in Canada and accepts each insurer's entire reinsurance program. Farm Mutual Re also operates a broker segment where reinsurance contracts are marketed through reinsurance brokers. Customers in this segment are primarily regional mutual insurance companies located in the United States with minor exposures in Canada, the United Kingdom, Europe, Japan, India, Australia and Turkey. Additionally, Farm Mutual Re acquired all the issued and outstanding shares of the United General Insurance Corporation in 2019, an exclusive auto insurance provider located in Fredericton, New Brunswick, which provides auto coverage in New Brunswick and Nova Scotia. 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.
