Latest news with #Best'sCreditRatings
Yahoo
3 days ago
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Positive for Cooperativa de Seguros de Vida de Puerto Rico
OLDWICK, N.J., May 30, 2025--(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. 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 Igor Bass Senior Financial Analyst +1 908 882 1646 Erik Miller Director +1 908 882 2120 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
Yahoo
3 days ago
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Positive for Cooperativa de Seguros de Vida de Puerto Rico
OLDWICK, N.J., May 30, 2025--(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. 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 Igor Bass Senior Financial Analyst +1 908 882 1646 Erik Miller Director +1 908 882 2120 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
3 days ago
- Business
- Business Wire
AM Best Withdraws Credit Ratings of Tugu Insurance Company Limited
HONG KONG--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Tugu Insurance Company Limited (TIC) (Hong Kong). At the time of the withdrawal, the outlook of these Credit Ratings (ratings) is stable. The rating withdrawals follow TIC's request due to its strategic decision to discontinue its participation in AM Best's interactive rating process. AM Best's procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, in this case, a final rating opinion could not be provided due to a lack of sufficient updated financial information and business plans necessary to support such an assessment. 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.
Yahoo
23-05-2025
- Business
- Yahoo
AM Best Revises Outlooks to Positive for RetailFirst Insurance Group's Affiliates
OLDWICK, N.J., May 23, 2025--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of RetailFirst Insurance Company (RFIC) and BusinessFirst Insurance Company (BFIC), which are affiliates of RetailFirst Insurance Group (RFIG) and are domiciled in Lakeland, FL. The Credit Ratings (ratings) reflect RFIG'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 positive outlooks reflect the sustained improvement in RFIG's operating performance, which AM Best assesses as adequate, driven by strong underwriting gains in each of the past five years, which has trended toward peers that AM Best assesses with a strong operating performance. In 2024, RFIG generated a net underwriting gain of approximately $11.7 million, which resulted in an overall combined ratio of 92.8%. RFIG's improved underwriting results over the most recent five-year period reflect favorable loss experience, as well as quicker claim closure rates and favorable reserve releases. Additionally, despite continued rate decreases throughout the group's operating territory, RFIG's five-year compound annual growth rate in direct written premium is 5.7%. The positive outlooks further reflect AM Best's expectation that RFIG's operating performance will continue to benefit from favorable underwriting results and outperform similarly rated peers. RFIG is a mono-line workers' compensation insurance carrier concentrated in the Southeast United States, specifically Florida. RFIC operates only in Florida, while BFIC provides geographic diversification into several other states. Since its inception, RFIG's administrator has been Summit Consulting, LCC (Summit). RFIG maintains a managing general agent agreement with Summit in which Summit provides complete administrative services to the company, including agency relations, marketing, underwriting, policy issuance and administration, claims and managed care administration, loss prevention, premium auditing, information technology, and financial management. 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 Cristian SieiraSenior Financial Analyst+1 908 882 Raymond ThomsonAssociate Director+1 908 882 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
Business Wire
22-05-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Ameritas Life Insurance Corp. and Its Subsidiary
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of 'a+' (Excellent) of Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of New York (New York, NY). These insurance entities comprise the life/health operations of Ameritas Mutual Holding Company (all companies are collectively referred to as Ameritas). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of 'a-' (Excellent) of the group's surplus notes (see below for details of the Long-Term IR). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Ameritas' balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. Ameritas' risk-adjusted capitalization level is consistently in the strongest category, as measured by Best's Capital Adequacy Ratio (BCAR), and the company has financial flexibility and liquidity. However, AM Best notes that Ameritas has stable but elevated allocations to NAIC-2 class bonds and less-liquid private placement fixed-income securities, while maintaining a material but declining allocation to mortgage loans. Ameritas has reported a trend of positive earnings on a GAAP basis in recent years, while statutory earnings have been more mixed, but generally positive over the long term. Ameritas has benefited from a diverse product portfolio covering life, annuity, and accident and health insurance products on an individual and group basis. Ameritas continues to maintain a market-leading position in group dental sales and continues to have strong life, annuity and individual disability sales in recent years. Ameritas has demonstrated appropriate risk management capabilities. The following Long-Term IR has been affirmed with a stable outlook: The Union Central Life Insurance Company (merged into Ameritas Life Insurance Corp., effective July 1, 2014) — -- 'a-' (Excellent) on $50 million 8.20% surplus notes, due 2026 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.
