Latest news with #'sPreliminaryCreditAssessments
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
30-07-2025
- Business
- Business Wire
AM Best Revises Outlooks to Stable for Individual Assurance Company, Life, Health & Accident; LifeShield National Insurance Co.
BUSINESS WIRE)-- AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of 'bbb' (Good) of Individual Assurance Company, Life, Health & Accident and LifeShield National Insurance Co., collectively referred to as LifeShield. Both companies are domiciled in Oklahoma City, OK. The Credit Ratings (ratings) reflect LifeShield's balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The revised outlooks to stable from negative reflect an improvement in LifeShield's operating performance, driven by a reduction in underwriting losses. The group's surplus position has declined in recent years due to volatility in operating performance associated with elevated loss ratios on the worksite product. Following rate increases in 2023, loss ratios have improved for the worksite line of business. Underwriting losses declined significantly, and the group approached break-even from a net income perspective in 2024. With risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), current capital levels are considered sufficient to support the group's insurance liabilities. AM Best will continue to monitor LifeShield's operating performance and its impact to the strength of the balance sheet. 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
24-07-2025
- Business
- Business Wire
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Ozark National Life Insurance Company
BUSINESS WIRE)-- AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Ozark National Life Insurance Company (Ozark) (Kansas City, MO). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Ozark'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). The ratings also reflect implicit support from Ozark's new parent company. On May 30, 2025, Ozark became a wholly owned subsidiary of Americo Financial Life and Annuity Insurance Company (AFL) (Dallas, Texas), which in turn, is wholly owned by Americo Life, Inc. (Americo) (Kansas City, MO). AFL acquired Ozark to continue its strategic growth objectives in the U.S. life insurance market, where it has focused traditionally on closing mortality protection gaps through technology-driven application and underwriting processes. Ozark's risk-adjusted capitalization is assessed currently at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR); however, the company's statutory capital and surplus was relatively modest at approximately $137 million as of the acquisition date. Ozark reported approximately $27 million and $79 million of statutory earnings and net premiums in 2024 respectively, which primarily relates to its core individual whole life insurance product. This line of business is marketed alongside mutual funds offered by N.I.S. Financial Services Inc. This entity also was acquired by AFL. Currently, Ozark has nominal market share in competitive markets, which lends more exposure to execution risk related to achieving operating scale and integrating with Americo's underwriting, investment, and ERM capabilities. AM Best will monitor Ozark's future capitalization against its growth initiatives, and its strategic importance and overall earnings contribution to Americo. 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
Yahoo
29-05-2025
- Business
- Yahoo
AM Best Places Credit Ratings of Arabia Insurance Company – Jordan Under Review With Developing Implications
LONDON, May 29, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of Arabia Insurance Company – Jordan (AICJ) (Jordan). This Credit Rating (rating) action follows the announcement on May 21, 2025, that AICJ's ultimate parent, Arabia Group Holding Limited, has signed an agreement to sell a 39% stake in the company to Jerusalem Insurance Company PLC. Although not yet completed, the transaction has received regulatory approval. The under review with developing implications status reflects uncertainty over AICJ's future strategy and its financial strength. The ratings are expected to remain under review with developing implications until AM Best has assessed the impact on AICJ's credit rating fundamentals, which includes an assessment of the acquirer's creditworthiness. 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 Dale Kirby Senior Financial Analyst +44 20 7397 0276 Ben Diaz-Clegg Associate Director, Analytics +44 20 7397 0293 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
27-05-2025
- Business
- Business Wire
AM Best Assigns Credit Ratings to Peak Reinsurance North America Ltd.
HONG KONG--(BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' to Peak Reinsurance North America Ltd. (Peak Re NA) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Peak Re NA's inclusion as a member of the lead rating unit, Peak Reinsurance Company Limited (Peak Re) (Hong Kong), which on a consolidated basis has a balance sheet strength that AM Best assesses as very strong, as well as an adequate operating performance, neutral business profile and appropriate enterprise risk management. In addition, the ratings factor in the neutral impact from the ultimate parent, Fosun International Holdings Ltd. Peak Re NA is domiciled in Bermuda and is licensed as a Class 3B insurer effective 18 February 2025. The company is a wholly owned subsidiary of Peak Re, an Asia based global reinsurer with diversified non-life and life portfolios. Peak Re NA will mainly underwrite U.S. motor and casualty reinsurance business, which was previously underwritten by Peak Capital Ltd., a Bermuda-based managing general agent and insurance-linked securities investment specialist wholly owned by Peak Re. AM Best expects Peak Re NA to operate with a high degree of integration with Peak Re, including capital and retrocession support, as well as the sharing of branding and core operational functions, such as underwriting, pricing, marketing, reserving, investment and risk management. The addition of Peak Re NA to Peak Re as a group member also reflects its contribution to Peak Re's growth and diversification strategy. As a group member, Peak Re NA's ratings will move in tandem with that of Peak Re. A change in AM Best's perception regarding the level of Peak Re NA's strategic importance to Peak Re also could impact the company's ratings. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. 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.
