AM Best Assigns Preliminary Credit Assessment to Sabal Specialty Insurance Company, Inc.
The PCA reflects Sabal Specialty'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).
Sabal Specialty, formed in 2024, is a specialty insurer focused on the U.S. excess and surplus lines market. The company is expected to underwrite business in specialty property, professional liability, and other specialty lines, emulating the lines of business, risk strategy, and underwriting appetite of its parent, Palms Specialty Insurance Company, Inc. (Palms Specialty). Sabal Specialty was created to provide additional market access to distribution partners by providing a distinct underwriting platform with unique branding. Sabal will act purely as an underwriting entity, ceding all premiums and losses via a 100% quota share reinsurance agreement to Palms Specialty, generating underwriting income from ceding commissions as opposed to earned premiums. Sabal is expected to benefit from Palms Specialty's operational infrastructure, experienced management team, and ERM framework, while serving to further diversify the group's underwriting footprint.
This press release relates to Preliminary Credit Assessments that have been published on AM Best's website. For all assessment information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual assessments 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 and Assessment 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 www.ambest.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 hours ago
- Business Insider
AIM-120 missile demand is surging. The Pentagon just signed a $3.5 billion deal to keep up.
The Pentagon just inked a record $3.5 billion deal with RTX for AIM-120 air-to-air missiles. It's a massive order that underscores how global conflicts are stressing stockpiles and dramatically increasing demand for key munitions. Demand for the AMRAAM has been growing amid global crises like the war in Ukraine and fights in the Middle East. The massive deal, which was part of a total $7.8 billion awarded to Lockheed Martin and RTX for missile production, was signed late last month. Other systems in the contracts include Lockheed Martin's Joint Air-to-Surface Standoff Missile (JASSM) and the Long-Range Anti-Ship Missile (LRASM). The AIM-120 Advanced Medium-Range Air-to-Air Missile, or AMRAAM, award was especially notable, not only for its size but the number of allies and partners that will receive the missile. The Foreign Military Sales portion of the massive contract includes Japan, Canada, Germany, the UK, and Ukraine, RTX told Business Insider. The Department of Defense contract details identified sales to 19 allies and partners. It also comes less than a year after a $1.2 billion contract for the AMRAAM, another record-breaking deal that followed a $1.15 billion deal in 2023. These three deals point to a demand to refill and expand stockpiles. "As global conflicts intensify and air threats become more sophisticated, AMRAAM continues to give allied forces a decisive edge in combat," said Sam Deneke, the president of Air & Space Defense Systems at Raytheon, said in a statement. The AIM-120 has seen use in Ukraine, with both Lockheed Martin F-16 fighter jets and Norway's Kongsberg Defense and Raytheon's National Advanced Surface-to-Air Missile System (NASAMS). The AMRAAM has also seen use in the Middle East by the US planes battling the Houthis and other threats. These conflicts pull from US and allied stockpiles. The weapon is an all-weather, beyond-visual-range air-to-air missile with active radar for decreased dependence on the aircraft for intercepts. There are multiple variants of the AIM-120. The newest one is the AIM-120D, which has a reported range exceeding 100 miles. It's highly useful for taking out air threats like uncrewed aerial vehicles and drones, but it's also an expensive tradeoff, with each AIM-120 costing around $1 million. The US has pursued alternatives to taking out these threats, and military officials have acknowledged that the need for more cost-effective answers. Part of the demand for the AIM-120 is that it's a highly desired system by militaries around the world. It is an essential weapon as countries consider air dominance and defense demands in modern warfighting. Despite many other investments in air-to-air systems, "the AIM-120 AMRAAM series remains and likely will remain the backbone of Western and Western-aligned air-to-air weaponry for many years to come," Justin Bronk, an airpower expert at the London-based Royal United Services Institute, told Business Insider. RTX highlighted that the AMRAAM is used on 14 different platforms, including fighter aircraft and surface-to-air missile systems, in 44 countries and is combat-proven. Global usage of the missile, Bronk said, has far outpaced production, making the new contract not only important for filling stockpiles but also increasing production capacity. Decades of steady usage have left stockpiles thin, with lawmakers in Washington expressing concern about existing stocks. Among other efforts to boost the numbers, the US and Japan are now considering co-production of the AIM-120 to help close the gap.
Business Wire
4 hours ago
- Business Wire
AM Best Assigns Issue Credit Rating to Chubb INA Holdings LLC's Senior Unsecured Notes
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Long-Term Issue Credit Rating of 'a+' (Excellent) to Chubb INA Holdings LLC's (Chubb) (Delaware) recently announced USD 1.25 billion issuance of 4.9% senior unsecured notes due 2035 in the U.S. market, which are guaranteed by Chubb Limited. The outlook assigned to this Credit Rating is stable. Chubb intends to use the net proceeds from this offering for general corporate purposes, which may include the redemption, repurchase or repayment of outstanding indebtedness. Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Insurance Companies. At June 30, 2025, Chubb had total assets of USD 261.6 billion and shareholders' equity (excluding noncontrolling interests) of USD 69.4 billion. 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. A M 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
Yahoo
8 hours ago
- Yahoo
AM Best Revises Outlooks to Stable for California Insurance Company and Affiliates
OLDWICK, N.J., August 05, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a-" (Excellent) of California Insurance Company (Foster City, CA) and its affiliates, which are collectively referred to as North American Casualty Group (NAC). Please see below for a detailed listing of the companies and Credit Ratings (ratings). The ratings reflect NAC's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM). The revised outlooks reflect improved governance at the company. In prior cycles, the group experienced delayed financial audits. Management strengthened the company's financial reporting team and reconstituted the board of directors to address many of the governance issues. The company's 2024 audits were completed in advance of their deadline, and the assignment of a more-prominent auditor was communicated to AM Best. While the group's protracted legal dispute over a conservatorship order is ongoing, the potential adverse financial consequences can be viewed as immaterial at this point in time. AM Best will continue to monitor the situation and respond if necessary. The FSRs of A- (Excellent) and the Long-Term ICRs of "a-" (Excellent) have been affirmed with outlooks revised to stable from negative for the following affiliates of California Insurance Company, which are collectively referred to as NAC: American Atlantic Assurance Co. Ltd. Continental Indemnity Company Florida Casualty Insurance Company Illinois Insurance Company Oklahoma Property and Casualty Insurance Company Pennsylvania Insurance Company Texas 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 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 Dan Hofmeister, CPA, FRM, CAIA Associate Director +1 908 882 1893 Steven M. Chirico, CPA Director +1 908 882 1694 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
