Latest news with #Best'sCreditRatings
Yahoo
5 days ago
- Business
- Yahoo
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Ozark National Life Insurance Company
OLDWICK, N.J., July 24, 2025--(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 Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Stratos Laskarides Senior Financial Analyst +1 908 882 1995 Wayne Kaminski, FLMI, MBA Associate Director +1 908 882 1916 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
Business Wire
5 days ago
- 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
Business Wire
7 days ago
- Business
- Business Wire
AM Best to Sponsor and Participate at Vietnam Insurance Summit
SINGAPORE--(BUSINESS WIRE)-- AM Best will participate and be a sponsor at the Vietnam Insurance Summit, to be held 1 August 2025 in Quy Nhon, Vietnam. AM Best Senior Financial Analyst Ken Lau will discuss the credit rating agency's 2025 outlook on Vietnam's non-life insurance segment. Lau, who joined AM Best in 2020, is responsible for the credit ratings of insurance and reinsurance companies in the Asia Pacific region and is particularly knowledgeable with Vietnam's insurance market. The presentation, which will include topics such as insurance demand, regulatory refinements and market competition, is scheduled for 2:15 p.m. ICT. Additionally, Rob Curtis, managing director and chief executive officer, Asia Pacific, and Johnathan Wong, market development analyst, Asia Pacific, will be in attendance and available for meetings. To arrange a meeting with either Curtis or Wong to learn more about AM Best, its role in the insurance industry and the resources it offers to insurance professionals, including Best's Credit Ratings, please email or Under the theme 'Insurance Development Strategy in the AI Revolution,' the summit will focus on artificial intelligence (AI) applications, data-sharing systems, digital ecosystem development and customer experience optimization through a plenary session and two in-depth conference tracks. AM Best is a diamond sponsor of the event, which will take place at the Hotel Anya Premier. To learn more about the summit, visit here. Visitors to the AM Best booth can learn about the rating agency's Best's Credit Ratings, insurance data and analysis resources and financial data products and Best's Performance Assessment for Delegated Underwriting Authority Enterprises (DUAEs).
Business Wire
17-07-2025
- Business
- Business Wire
AM Best Upgrades Credit Ratings of Kuwait Reinsurance Company K.S.C.P.
LONDON--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to 'a' (Excellent) from 'a-' (Excellent) of Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) (Kuwait), which is majority owned by Al Ahleia Insurance Company S.A.K.P. (Al Ahleia). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Kuwait Re's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The rating upgrades reflect Kuwait Re's sustained improvement in operating performance in recent years, evidenced by a return-on-equity ratio that has increased steadily to 16.5% in 2024 from 9.5% in 2020. Earnings have been underpinned by robust underwriting profitability, which includes substantial reserving margins that provide a buffer against volatility. AM Best expects Kuwait Re's underwriting discipline and prudent risk selection to support its prospective operating metrics. Kuwait Re's balance sheet strength is underpinned by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company's balance sheet strength is supported by a track record of internal capital generation, along with prudent reserving practices and good liquidity. A partially offsetting factor is Kuwait Re's holdings of higher-risk assets, with its real estate and equity portfolio equating to approximately 13% of total investments at year-end 2024, which exposes its capital base to potential volatility. Kuwait Re's neutral business profile assessment reflects its diversification by geography and product offering. The company's operations span the Middle East, North Africa, Asia-Pacific and Central and Eastern Europe, where it provides proportional and non-proportional cover to its cedants. Kuwait Re reported insurance revenue of KWD 79.9 million (USD 260.1 million) in 2024, representing growth of 10% compared with 2023, driven in part by favourable reinsurance market conditions in its core markets. 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.
Business Wire
17-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Everspan Indemnity Insurance Company and Its Affiliates
BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of 'a-' (Excellent) of Everspan Indemnity Insurance Company (Phoenix, AZ) and its affiliates, collectively referred to as Everspan Group. The outlook of these Credit Ratings (ratings) is stable. (See below for a listing of the companies and ratings.) The ratings reflect Everspan Group'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 balance sheet strength assessment reflects risk-adjusted capitalization supportive of the group's current and near-term risk exposures. Capital was initially provided by Ambac Financial Group, Inc. [NYSE: AMBC]. AM Best assesses Everspan Group's operating performance as adequate based on execution and implementation of its business plan during its formative stages. The group began actively writing premium during second-quarter 2021, and results through first-quarter 2025 have consistently remained within AM Best's expectations. AM Best views Everspan Group's business profile as limited. This reflects its position as a participating fronting carrier and specialty program writer operating within the competitive fronting space. Everspan Group provides services for a diverse mix of managing general agents aligned with highly rated reinsurance partners. The enterprise retains a strategic level of net premium on select programs and employs a gross lines approach to underwriting. Everspan Group's ERM framework reflects a clearly defined risk appetite structure; it addresses the heightened risks inherent in the group's business profile and was developed by its experienced management team. Negative rating actions could occur if there is a material decline in Everspan Group's risk-adjusted capitalization, if operating results fall short of projections, or if the enterprise fails to execute its business profile strategy. The FSR of A- (Excellent) and the Long-Term ICRs of 'a-' (Excellent) have been affirmed with stable outlooks for the following members of Everspan Group: Everspan Indemnity Insurance Company Everspan Insurance Company Greenwood Insurance Company Consolidated Specialty Insurance Company Providence Washington 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.
