Latest news with #AMBest
Yahoo
10 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Teachers Insurance and Annuity Association of America and Its Subsidiary
OLDWICK, N.J., July 23, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aaa" (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) and its wholly owned insurance subsidiary, TIAA-CREF Life Insurance Company (TIAA-CREF Life). TIAA and TIAA-CREF Life collectively are referred to as the TIAA Group. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of "aa" (Superior) on TIAA's surplus notes. The outlook of these Credit Ratings (ratings) is stable. TIAA and TIAA-CREF Life are domiciled in New York, NY. (Please see below for detailed listing of the Long-Term IRs.) The ratings reflect TIAA Group's balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, favorable business profile and very strong enterprise risk management. The ratings reflect TIAA's continued market-leading position in the higher education and not-for-profit pension marketplaces. TIAA, together with its companion organization, College Retirement Equities Fund (CREF), enjoys significant economies of scale as one of the largest retirement systems in the United States, with assets under management and administration of approximately $1.6 trillion at year-end 2024. TIAA-CREF Life's primary products include individual annuities, funding agreements and separate account guaranteed interest contracts, which are marketed to customers of TIAA and the public. The ratings also reflect TIAA Group's risk-adjusted capitalization, which has continued at the strongest level for its current business and investment risks, as measured by Best's Capital Adequacy Ratio (BCAR), while continuing to have a diversified investment portfolio with a high degree of liquidity, along with a stable liability structure for a significant portion of its reserves. Risk-adjusted capitalization has been enhanced by TIAA's very strong operating performance, which has more than offset realized investment losses in recent years. TIAA has significant statutory accounting flexibility to manage its risk-adjusted capital position, including the ability to adjust crediting rates on its large in-force block of general account retirement annuities. TIAA's 2024 results delivered strong operating performance. Also noted is TIAA's conservative approach to statutory reserving that further enhances the company's balance sheet strength. AM Best notes that TIAA's current adjusted financial and operating leverages remain within targeted levels. AM Best also views favorably TIAA's unique long insurance liability structure with low liquidity needs, whereby nearly three-quarters of its general account reserves are not cashable and can only be received as a death benefit, an IRS-required minimum distribution or in the form of a periodic annuity payout. Contract holders may transfer funds from TIAA to CREF or to other employer-approved funding vehicles, but typically in the form of a 10-year annuity payout. Although AM Best considers TIAA's investment management capabilities to be strong, its overall investment portfolio has generated modest levels of realized investment losses in recent years, with some continued concern regarding the group's sizeable increased exposure to real estate assets, including commercial mortgage holdings and an elevated level of Schedule BA assets. TIAA's mortgage loan portfolio has generally performed historically well, but delinquencies, foreclosures and restructures have continued to increase in the past three years. AM Best notes that there are still potential economic headwinds, despite rising interest rates. Additionally, TIAA's Nuveen LLC is expected to provide continued additional earnings diversification and add additional scale to TIAA's business profile going forward. The following Long-Term IRs have been affirmed with a stable outlook: Teachers Insurance and Annuity Association of America— -- "aa" (Superior) on $1.05 billion 6.85% surplus notes due Dec. 16, 2039-- "aa" (Superior) on $1.65 billion 4.90% surplus notes due Sept. 15, 2044-- "aa" (Superior) on $2 billion 4.27% surplus notes due May 15, 2047-- "aa" (Superior) on $1.25 billion 3.3% surplus notes due March 15, 2050 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 Igor Bass Senior Financial Analyst +1 908 882 1646 Edward Kohlberg Director +1 908 882 1979 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
11 hours ago
- Business
- Business Wire
AM Best Revises Issuer Credit Ratings Outlook to Stable for Members of CSAA Insurance Group
OLDWICK, N.J.--(BUSINESS WIRE)-- 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: CSAA Insurance Exchange CSAA Affinity Insurance Company CSAA General Insurance Company CSAA Fire & Casualty Insurance Company Fortential Insurance Company Mobilitas General Insurance Company Mobilitas Insurance Company Mobilitas Insurance Company of Arizona 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.
Associated Press
11 hours ago
- 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
Yahoo
15 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Egyptian Takaful Properties and Liabilities Insurance Company (Egyptian Joint Stock Company)
LONDON, July 23, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B- (Fair), the Long-Term Issuer Credit Rating of "bb-" (Fair) and the Egypt National Scale Rating (NSR) of aa+.EG (Superior) of Egyptian Takaful Properties and Liabilities Insurance Company (Egyptian Joint Stock Company) (EGTAK) (Egypt). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EGTAK's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). EGTAK's balance sheet strength is underpinned by its risk-adjusted capitalisation at the very strong level, as measured by Best's Capital Adequacy Ratio (BCAR), for the fiscal year-end 30 June 2024 (fiscal-year 2024). AM Best assesses the company's risk-adjusted capitalisation on a combined basis, including its policyholders' and shareholders' funds, due to the stated mandate within its articles of association that require the shareholders' fund to support the policyholders' fund. AM Best expects the company's BCAR to strengthen through continued capital contributions from its shareholders and solid internal capital generation. EGTAK's capital consumption is driven primarily by its investment portfolio, which is composed predominantly of Egyptian sovereign bonds. Despite the company's relatively conservative investment allocation by asset class, the quality of assets is considered weak given the concentration in Egypt, where there is a high level of economic and political risk and a very high level of financial system risk. AM Best assesses EGTAK's operating performance as adequate, with the company reporting a five-year (2020-2024) weighted average return-on-equity ratio and combined operating ratio of 24.7% and 98.5%, respectively. Whilst the company has been profitable on an overall basis, challenging macroeconomic conditions in Egypt, primarily high inflation, persist. The business profile assessment reflects EGTAK's position as a mid-tier takaful insurer in Egypt, with a non-life market share of approximately 5% in fiscal-year 2024. However, the company's profile is limited to operating within Egypt, and is moderately concentrated in the oil and gas, and credit insurance lines, which accounted for 31.81% and 21.82% of gross written premium in fiscal-year 2024, respectively. In recent years, EGTAK has undertaken steps to formalise its ERM function and promote a risk-aware culture across the organisation. AM Best expects that further improvements in EGTAK's ERM framework and practices will support the company as it executes its strategic business plan. 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. View source version on Contacts Stanislav Stoev, ACCA, CFA Senior Financial Analyst +44 20 7397 0306 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 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
a day ago
- Business
- Business Wire
Climate Issues, ‘New World' Challenges Lead Agenda at AM Best's Europe Insurance Market Briefing; London Event to Feature Swiss Re's Group Chief Economist and Head of Swiss Re Institute
LONDON--(BUSINESS WIRE)-- AM Best will host its annual Europe Insurance Market and Methodology Briefings on Thursday, 6 November 2025, from 8:30 a.m. to 4:30 p.m. (GMT) at Convene 200 Aldersgate, St. Paul's in London. Jérôme Jean Haegeli, Swiss Re's group chief economist and head of Swiss Re Institute, will deliver the keynote presentation, titled, 'Economic and Geopolitical Outlook.' The programme also will focus on climate challenges and opportunities for the (re)insurance industry, with a panel discussion that includes Alex Hindson, partner, head of sustainability, Crowe UK; Amy Barnes, head of energy and power, as well as head of climate and sustainability strategy, Marsh; and Jessica Botelho-Young, director, analytics, AM Best. Additionally, speakers will share their perspectives on how the (re)insurance sector has benefited from globalization and explore 'new world' protectionist strategies, The market briefing will also offer sessions exploring balance sheets and exposure management considerations and highlight the reinsurance market and AM Best's Credit Rating activity and outlooks for the EMEA region. The afternoon programme will examine AM Best's latest benchmarking analysis and criteria updates, as well as analysts' latest observations on IFRS 17, insurer impairments and the importance of ERM. Doors will open for the Insurance Market Briefing at 8:30 a.m. GMT, with sessions beginning at 9:00 a.m. A networking lunch will follow the first market briefing. The afternoon Methodology Briefing begins at 2:00 p.m. To register to attend any sessions of this conference, or for more information, along with details on innovation exhibitors, please visit
