Latest news with #'sCreditRatings
Yahoo
4 days ago
- Business
- Yahoo
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Insurance Corporation of Barbados Limited (ICBL) Barbados. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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 Paul Frost Senior Financial Analyst +1 908 882 1768 Bridget Maehr Director +1 908 882 2080 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
4 days ago
- Business
- Yahoo
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Insurance Corporation of Barbados Limited (ICBL) Barbados. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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 Paul Frost Senior Financial Analyst +1 908 882 1768 Bridget Maehr Director +1 908 882 2080 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
4 days ago
- Business
- Business Wire
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
BUSINESS WIRE)-- AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb+' (Good) of Insurance Corporation of Barbados Limited (ICBL) Barbados. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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
4 days ago
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlook to Positive for Cooperativa de Seguros de Vida de Puerto Rico
BUSINESS WIRE)-- AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of C (Weak) and the Long-Term ICR of 'ccc' (Weak) of Cooperativa de Seguros de Vida de Puerto Rico (COSVI) (San Juan, Puerto Rico). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect COSVI's balance sheet strength, which AM Best assesses as very weak, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The positive outlook on the Long-Term ICR is related to the expected continued efforts to improve risk-adjusted capitalization in the near term, as measured by Best's Capital Adequacy Ratio (BCAR). This is led by management's strategic initiatives, including organic growth over the last few years, as well as anticipated additional improvement in the company's overall risk management. While AM Best asserts that the balance sheet strength assessment is still very weak, recognizable material improvements have been made over the medium term, and surplus and risk-adjusted capital is expected to continue to improve going forward. COSVI's absolute level of capital continued to increase as of year-end 2024, by another 3.8% compared with the prior year, as a result of an operating income of almost $1 million. The company's risk-adjusted capitalization, as measured by BCAR, continued to improve slightly but remains assessed as very weak. Unadjusted financial leverage remains just within AM Best's tolerances, and quality of capital remains neutral to COSVI's ratings. AM Best notes that COSVI will also need to demonstrate a continued trend of executing its capital management plan along with additional support by the shareholders before any potential upward movement in the balance sheet strength assessment is contemplated. AM Best will continue to monitor progress closely on all initiatives presented. 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
5 days ago
- Business
- Yahoo
AM Best Removes From Under Review With Developing Implications and Upgrades Credit Ratings of Velocity Specialty Insurance Company
OLDWICK, N.J., May 29, 2025--(BUSINESS WIRE)--AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of Velocity Specialty Insurance Company (VSIC) (Wilmington, Delaware). The outlook assigned to these Credit Ratings (rating) is stable. The ratings reflect VSIC'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 removal from under review with developing implications and rating upgrades reflect the completion of VSIC's acquisition by FM Group (FM) in early May 2025. Due to the implicit and explicit support received as a recently acquired entity, as well as the higher ratings and larger capital base of its new parent, a notch of rating enhancement was extended to VSIC's Long-Term ICR. FM intends to utilize VSIC to add excess and surplus lines capabilities to augment its core business and broaden its reach in the middle market property segment. In addition, technology and analytical innovations created at VSIC are expected to be integrated into FM's businesses, where applicable. The company also benefits from FM participating as a quota share reinsurer on its most recent program. 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 Connor Brach, CFA, FRM Associate Director +1 908 882 1668 Daniel Ryan Senior Director +1 908 882 2290 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
