Latest news with #AMBest
Business Wire
15 hours ago
- 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.
Yahoo
a day ago
- Business
- Yahoo
AM Best Upgrades Credit Ratings of New Horizon Insurance Company
OLDWICK, N.J., July 29, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb+" (Good) of New Horizon Insurance Company (NHIC) (Houston, TX). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect NHIC's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings upgrade for New Horizon reflects its trend of strong and consistent operating performance over the past three years, driven by modest loss and loss adjustment expense ratios that have resulted in favorable net income over this time-frame and have notably outperformed the commercial automobile composite averages. The company's strong operating performance is further evidenced by pre-tax and total return on revenue and return on equity metrics that have reached the double-digit level in four of the past five years. This has resulted in five-year averages for these metrics that compare favorably with respective peer averages by a wide margin. These favorable trends continued through the first quarter of 2025, resulting in reported underwriting and net income. New Horizon has successfully grown its premium base in recent years through rate increases and organic growth across all lines and is expected to continue to do so over the near-term. New Horizon's strong operating results have been accretive to the balance sheet strength, with risk-adjusted capital and underwriting leverage metrics improving as its capital has accumulated in recent years. 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 Justine Aimone Financial Analyst +1 908 882 1595 Janet Hernandez Senior Financial Analyst +1 908 882 1890 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
a day ago
- Business
- Business Wire
AM Best Upgrades Credit Ratings of New Horizon Insurance Company
BUSINESS WIRE)-- AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'bbb+' (Good) of New Horizon Insurance Company (NHIC) (Houston, TX). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect NHIC's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings upgrade for New Horizon reflects its trend of strong and consistent operating performance over the past three years, driven by modest loss and loss adjustment expense ratios that have resulted in favorable net income over this time-frame and have notably outperformed the commercial automobile composite averages. The company's strong operating performance is further evidenced by pre-tax and total return on revenue and return on equity metrics that have reached the double-digit level in four of the past five years. This has resulted in five-year averages for these metrics that compare favorably with respective peer averages by a wide margin. These favorable trends continued through the first quarter of 2025, resulting in reported underwriting and net income. New Horizon has successfully grown its premium base in recent years through rate increases and organic growth across all lines and is expected to continue to do so over the near-term. New Horizon's strong operating results have been accretive to the balance sheet strength, with risk-adjusted capital and underwriting leverage metrics improving as its capital has accumulated in recent years. 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 Revises Issuer Credit Rating Outlooks to Stable for California Casualty Group Members
OLDWICK, N.J., July 25, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of "bb+" (Fair) of The California Casualty Indemnity Exchange (San Mateo, CA) and its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon (Portland, OR), California Casualty & Fire Insurance Company (San Mateo, CA) and California Casualty Insurance Company (Portland, OR). All of these companies comprise the California Casualty Group (California Casualty). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect California Casualty's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The revision of the Long-Term ICRs outlooks to stable from negative and the affirmation of the ratings reflects the group's improved operating performance, which has exceeded management's expectations. AM Best expects California Casualty to maintain adequate balance sheet strength, supported by a very strong level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The improvement in BCAR reflects a strengthened surplus position, reduced catastrophe exposure and improved underwriting margins. The improvement in California Casualty's surplus was driven by better rate adequacy, expense reduction initiatives and improved loss experience. The strategic business initiatives of California Casualty, including realignment of its business mix toward stronger-performing affinity groups and exit from underperforming regions, have contributed to the organization's improved earnings stability and a more sustainable loss ratio. While these actions and enhancements to the ERM are expected to support operating performance and organic surplus growth, California Casualty remains exposed to elevated execution risk. Positive rating actions could occur if the transformation of the group's ERM practices lead to sustained improvements in overall balance sheet strength and profitability. 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 Christine DePalma, CPCU, ASLIFinancial Analyst+1 908 882 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Edin ImsirovicDirector+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882 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
5 days ago
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlooks to Stable for California Casualty Group Members
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of 'bb+' (Fair) of The California Casualty Indemnity Exchange (San Mateo, CA) and its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon (Portland, OR), California Casualty & Fire Insurance Company (San Mateo, CA) and California Casualty Insurance Company (Portland, OR). All of these companies comprise the California Casualty Group (California Casualty). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect California Casualty's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The revision of the Long-Term ICRs outlooks to stable from negative and the affirmation of the ratings reflects the group's improved operating performance, which has exceeded management's expectations. AM Best expects California Casualty to maintain adequate balance sheet strength, supported by a very strong level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The improvement in BCAR reflects a strengthened surplus position, reduced catastrophe exposure and improved underwriting margins. The improvement in California Casualty's surplus was driven by better rate adequacy, expense reduction initiatives and improved loss experience. The strategic business initiatives of California Casualty, including realignment of its business mix toward stronger-performing affinity groups and exit from underperforming regions, have contributed to the organization's improved earnings stability and a more sustainable loss ratio. While these actions and enhancements to the ERM are expected to support operating performance and organic surplus growth, California Casualty remains exposed to elevated execution risk. Positive rating actions could occur if the transformation of the group's ERM practices lead to sustained improvements in overall balance sheet strength and profitability. 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.
