Latest news with #creditratings
Yahoo
6 days ago
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlooks to Stable for California Casualty Group Members
OLDWICK, N.J., July 25, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of "bb+" (Fair) of The California Casualty Indemnity Exchange (San Mateo, CA) and its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon (Portland, OR), California Casualty & Fire Insurance Company (San Mateo, CA) and California Casualty Insurance Company (Portland, OR). All of these companies comprise the California Casualty Group (California Casualty). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect California Casualty's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The revision of the Long-Term ICRs outlooks to stable from negative and the affirmation of the ratings reflects the group's improved operating performance, which has exceeded management's expectations. AM Best expects California Casualty to maintain adequate balance sheet strength, supported by a very strong level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The improvement in BCAR reflects a strengthened surplus position, reduced catastrophe exposure and improved underwriting margins. The improvement in California Casualty's surplus was driven by better rate adequacy, expense reduction initiatives and improved loss experience. The strategic business initiatives of California Casualty, including realignment of its business mix toward stronger-performing affinity groups and exit from underperforming regions, have contributed to the organization's improved earnings stability and a more sustainable loss ratio. While these actions and enhancements to the ERM are expected to support operating performance and organic surplus growth, California Casualty remains exposed to elevated execution risk. Positive rating actions could occur if the transformation of the group's ERM practices lead to sustained improvements in overall balance sheet strength and profitability. 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 Christine DePalma, CPCU, ASLIFinancial Analyst+1 908 882 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Edin ImsirovicDirector+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882 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
Associated Press
23-07-2025
- Business
- Associated Press
AM Best Revises Issuer Credit Ratings Outlook to Stable for Members of CSAA Insurance Group
OLDWICK, N.J.--(BUSINESS WIRE)--Jul 23, 2025-- AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of CSAA Insurance Exchange (Walnut Creek, CA) and its pooled subsidiaries and reinsured affiliates. The outlook of the FSR is stable. In addition, AM Best has revised the outlook to stable from negative and affirmed the Long-Term Issue Credit Rating of 'a-' (Excellent) on the $500 million 8.125% surplus notes due 2045, issued by CSAA Insurance Exchange. All companies are collectively referred to as CSAA. (See below for a detailed listing of the companies and ratings.) The Credit Ratings (ratings) reflect CSAA's balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. The revision of CSAA's Long-Term ICRs outlooks to stable from negative is driven by improvement and stability in its balance sheet metrics, since 2023. In 2024, CSAA grew surplus via operating earnings, and in February 2025, issued the $500 million surplus notes, all of which served to strengthen risk-adjusted capitalization and balance sheet measures. This follows a reduction in the capital level in 2023, driven by much higher than anticipated claims costs, as well as material reserve strengthening. In recent years, operating results have been variable with significant deterioration in underwriting performance in 2023, while posting breakeven results in the adjacent years prior and into 2024. The results in 2023, were negatively impacted due to increased frequency and severity in auto and weather events, as well as inflationary cost pressures for auto claims. However, CSAA has noted improved performance since, due to sizeable rate increases combined with new initiatives focused on risks selection, CAT exposure management and underwriting profitability. Business retention continues to be strong and there has been material new premium growth in the commercial auto segment. The FSR of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) have been affirmed, with the outlooks of the Long-Term ICRs revised to stable from negative, while the outlook of the FSR is stable for the following members of CSAA: 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'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Raymond Thomson, CPCU, ARe Associate Director +1 908 882 2394 [email protected] Doniella Pliss Director +1 908 882 2245 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 07/23/2025 02:49 PM/DISC: 07/23/2025 02:49 PM
Reuters
09-07-2025
- Business
- Reuters
India markets regulator mulls allowing ratings agencies to rate instruments not regulated by it
July 9 (Reuters) - India's markets regulator on Wednesday proposed allowing credit ratings agencies to rate financial instruments regulated by other financial sector regulators. Any agency that expands ratings to such instruments will need to set up a new unit within six months, the Securities and Exchange Board of India (SEBI) said in a consultation paper. SEBI, under new chairman Tuhin Kanta Pandey, has signalled a more pragmatic approach to oversight and also relaxed certain regulations. Agencies that rate non-SEBI-regulated instruments must charge a fee for the same and maintain arm's length from the business that rates SEBI-regulated entities, the regulator said. "SEBI has been receiving feedback from the industry towards permitting credit ratings agencies to undertake rating of financial instruments under the purview of other regulators," it said, including instruments such as unlisted securities.
Zawya
09-07-2025
- Business
- Zawya
GCR upgrades ShafDB's long and short-term issuer ratings, maintains stable outlook
Nairobi - Global Credit Ratings (GCR), has affirmed and upgraded Shelter Afrique Development Bank's (ShafDB) international and several key national scale ratings, reflecting the Bank's strengthened capital position, risk management improvements, and growing credibility across our its shareholder base. In its latest review, the Johannesburg-based rating agency has affirmed the Bank's international scale long-term and short-term issuer ratings at B/B, with a Stable Outlook. At the same time GCR has also upgraded the long and short-term national scale issuer ratings for Kenya to AA+(KE)/A1+(KE) from AA-(KE)/A1+(KE); Nigerian to AAA(NG)/A1+(NG) from AA+(NG)/A1+(NG); and Mauritian to BBB(MU)/A2(MU) from BB+(MU)/B(MU). All the three national scale ratings have been accorded a stable outlook. The Agency has also Upgraded the ratings of its Nigerian Series 1 Senior Unsecured Notes under the NGN200bn Domestic Bond Issuance Programme to AAA(NG) from AA+(NG). 'The upgrades reflect GCR's confidence in the Bank's improved risk management, strengthened capitalization (leverage ratio up to 82.2% in FY2024), and progress in capital arrears resolution. The Stable Outlook affirms expectations of continued sound capitalization, strategic disbursement growth, and enhanced shareholder engagement,' GCR said in a commentary. 'This recognition underscores Shelter Afrique's growing operational credibility, commitment to quality lending, and continued transformation into a resilient and trusted multilateral development bank dedicated to delivering affordable housing and urban development solutions across Africa,' GCR added. Welcoming the rating reviews, Shelter Afrique Development Bank's Director of Risk, Bernard Oketch said the rating upgrade has reinforced the Bank's financial strength, strategic direction, and institutional credibility. 'These upgrades reflect our strong fundamentals and our unwavering commitment to reforms, growth, and sustainable impact. Clearly, we are on a solid path forward in delivering impactful, quality-driven housing finance solutions across Africa,' Mr. Oketch said. Shelter Afrique Development Bank's has 46 shareholders comprising 44 member States under 'Category A' shareholding, and African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re) under 'Category B' shareholding – who will be convening in Algiers, Algeria from 15th to 17th July 2025 for the Bank's 44th Annual General Meeting and Housing Symposium. It has also 'Category C' shareholding for non-African institutions and States willing to join the institution as shareholders. About Shelter-Afrique Development Bank: Shelter Afrique Development Bank is a Pan-African institution solely dedicated to financing and promoting housing, urban & related infrastructure development across the African continent. ShafDB operates through a partnership involving 44 African Governments, as well as the African Development Bank (AfDB) and the Africa Reinsurance Corporation (Africa-Re). The Institution delivers financial solutions and associated services that support both the supply and demand aspects of the affordable housing value chain. As a premier provider of financial, advisory, and research solutions, ShafDB focuses on addressing Africa's housing crisis through financial institutions, project finance and public-private partnerships, striving to achieve sustainable developmental impact
Zawya
08-07-2025
- Business
- Zawya
Moody's affirms Israel's 'Baa1' rating, warns Iran conflict to deepen fiscal strain
Credit ratings agency Moody's affirmed Israel's long-term local and foreign-currency ratings at "Baa1" on Monday and said the direct military conflict with Iran would further strain public finances. The rating reflects Israel's weakened fiscal position driven by elevated geopolitical risks since October 2023. Moody's expects debt-to-GDP ratio to peak at around 75% over the medium term as a result of higher defense spending and weaker economic growth. Before the start of the military conflict with Iran, the ratings agency had projected a 70% peak. "Renewed conflict would also threaten Israel's economic strength through potential material damage to infrastructure and the weakening of security conditions that could weigh on investment and overall economic activity," it said. In May, S&P Global had affirmed Israel's "A/A-1" ratings but cautioned that prolonged or intensified conflict could hurt economic and fiscal performance. Fitch Ratings said last month that a spillover from the Israel-Iran conflict appears to be within a range that can be absorbed by Israel's "A"/negative rating level.
