Latest news with #'sPerformanceAssessments
Business Wire
4 days ago
- Business
- Business Wire
AM Best Places Credit Ratings of British Caribbean Insurance Company 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 British Caribbean Insurance Company Limited (BCIC) (Jamaica). The action taken on these Credit Ratings (ratings) is due to the announced completion of BCIC's acquisition of JN General Insurance Company (JNGI) on June 11, 2025. While the two organizations currently operate independently, it is expected that there will be an amalgamation of BCIC and JNGI into one legal entity. AM Best has placed these ratings under review with developing implications pending completion of its discussions with management as to the business strategy for the combined operations and the impact of the amalgamation on BCIC's balance sheet strength, operating performance, business profile and its enterprise risk management. The ratings will remain under review with developing implications until the completion of any amalgamation and AM Best's discussions with management about the strategic and financial plans for the combined organization. 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
08-08-2025
- Business
- Business Wire
AM Best Revises Outlooks to Stable for GBU Financial Life
BUSINESS WIRE)-- AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of GBU Financial Life (GBU) (Pittsburgh, PA). These Credit Ratings (ratings) reflect GBU's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. AM Best notes GBU's expansion in its operating jurisdictions, the lines of business it writes and its overall position in the fraternal market. The company also utilizes conservative reserving practices and has taken actions to improve its risk-based capitalization, which has decreased in recent periods. This includes GBU's successful execution of a third-party annuity reinsurance treaty for in-force policies. This arrangement is expected to stabilize GBU's strong overall balance sheet assessment and position the company for growth. Additional reinsurance on new sales is expected to further support profitable premium growth. The company's reported net premiums written of approximately $183 million in the first quarter of 2025, and its balance sheet strength is expected to remain supportive of similar strategic growth plans going forward. Partially offsetting some of the positive rating factors are GBU's increased reinsurance dependence and some expected operating performance volatility. GBU utilizes a number of external investment managers to provide further expertise. This is done through management of a more diversified invested asset portfolio, which has supported strong investment income and driven favorable annuity crediting spreads and overall operating earnings over the last five years, despite the new business strain. The company has steadily increased its allocation to real estate investments, including private commercial and public structured security exposures that present some concentration risk. AM Best will continue to monitor the impacts of the reinsurance treaty on the company's capitalization and operating performance, as GBU continues to execute its business profile expansion plans, along with the nature of GBU's retained and ceded assets. 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
01-08-2025
- Business
- Business Wire
AM Best Assigns Credit Ratings to Professionals Advocate Risk Retention Group, Inc.
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a' (Excellent) to Professionals Advocate Risk Retention Group, Inc. (ProAd RRG) (Hunt Valley, MD), a new subsidiary of Medical Mutual Liability Insurance Society of Maryland (Med Mutual). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect ProAd RRG's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. Concurrently, these rating assignments follow the successful execution of a quota share reinsurance agreement with Med Mutual and the assignment of an 'r' reinsurance affiliation code. Med Mutual's ratings have been extended to ProAd RRG due to the significant level of reinsurance support provided to ProAd RRG by Med Mutual. ProAd RRG allows for greater underwriting flexibility in other territories. The company plans to write medical professional liability coverage. ProAd RRG was established on January 1, 2025, and was capitalized by Med Mutual's subsidiary, Professionals Advocate Insurance Company, through a surplus note. 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
Business Wire
20-06-2025
- Business
- Business Wire
AM Best Comments on Credit Ratings of Erie Insurance Group and Erie Family Life Insurance Company
BUSINESS WIRE)-- AM Best has commented that the Credit Ratings (ratings) of the property/casualty (P/C) members of Erie Insurance Group (Erie) and Erie Family Life Insurance Company (EFL) remain unchanged following the organization's announcement that it sustained an information security event, which has resulted in a widespread network outage impacting Erie's systems. On June 11, 2025, Erie filed a form 8-K, which is in accordance with the U.S. Securities and Exchange Commission requirements, providing details on the cybersecurity incident. The Form 8-K discloses Erie identified unusual network activity beginning on June 7, 2025, and took immediate action to respond to the situation. AM Best notes that the organization is engaging third-party service providers to undertake a comprehensive forensic analysis, which is currently ongoing, to understand the full scope, nature and impact to the organization. To support operations, the organization has activated its business continuity plan, including interim solutions that enable employees to carry out essential functions while system restoration efforts are underway. While the situation remains fluid and continues to evolve, AM Best will continue to monitor the cyber event for any signs that the incident may impair the company's operational capabilities, harm its reputation or market position, or prompt a reassessment of its enterprise risk management capabilities, which is currently viewed as appropriate. 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
04-06-2025
- Business
- Yahoo
AM Best Comments on Credit Ratings of Southern Vanguard Insurance Company and Members of Stonetrust Insurance Group Following Wintaai America Inc.'s Announced Acquisition
OLDWICK, N.J., June 03, 2025--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Southern Vanguard Insurance Company (Southern Vanguard) (Austin, TX) and the members of Stonetrust Insurance Group (Stonetrust) (Baton Rouge, LA) remain unchanged following the May 27, 2025, announcement that Wintaai America Inc. (Wintaai), Stonetrust's holding company, will be acquiring Southern Vanguard, subject to regulatory approval. The members of Stonetrust have a Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) with positive outlooks. Southern Vanguard has an FSR of A- (Excellent) and a Long-Term ICR of "a-" (Excellent) with stable outlooks. Wintaai owns 99.94% of Stonetrust and the remaining is owned by various employees. Wintaai will own 100% of Southern Vanguard following conclusion of the transaction, which is pending regulatory approval and expected to close by July 2025. Aside from the transaction cost, Wintaai will also add capital to Southern Vanguard as a post-close contribution. AM Best does not expect the transaction to have any material change to either the rating unit's rating fundamentals or business operations. AM Best will continue to evaluate each of these organizations independently while monitoring the progress and the effects of this transaction over time. Mike Dileo will remain president and chief executive officer of Stonetrust and Cory Moulton will remain president and chief executive officer of Southern Vanguard. Prospectively, the companies will continue to operate independently under common ownership. Stonetrust will maintain its headquarters in Baton Rouge, LA, and Southern Vanguard will maintain its headquarters in Austin, TX. The members of Stonetrust are Stonetrust Commercial Insurance Company and Stonetrust Premier Casualty Insurance Company. Southern Vanguard is a single entity. 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 Phinthip Dezuzio Senior Financial Analyst +1 908 882 1736 Christophe Draghi Director +1 908 882 1749 Richard Attanasio Senior Director +1 908 882 1638 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
