Latest news with #CreditAssessments
Business Wire
29-07-2025
- 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.
Business Wire
21-07-2025
- Business
- Business Wire
AM Best Assigns Credit Ratings to Generali Seguros y Reaseguros, S.A.U.
AMSTERDAM--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of 'aa-' (Superior) to Generali Seguros y Reaseguros, S.A.U. (Generali Seguros) (Spain). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Generali Seguros' inclusion as a member of the lead rating unit of Assicurazioni Generali S.p.A. (Generali), which has a balance sheet strength that AM Best assesses as very strong, as well as strong operating performance, very favourable business profile and appropriate enterprise risk management. Generali Seguros is strategically important to Generali as it currently sources a material share of the group's business in Spain, which is an important market for Generali. The entity will become Generali's sole entity in Spain, following a reverse merger with Generali España, Sociedad Anonima de Seguros y Reaseguros, which is expected to take place in October 2025. Additionally, Generali Seguros is necessary for licensing as it has a licensed branch in Ireland. 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
24-06-2025
- Business
- Business Wire
AM Best Comments on Credit Ratings of Philadelphia Insurance Companies' Members; Tokio Marine America Group and First Insurance Company of Hawaii, Ltd.'s Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Philadelphia Indemnity Insurance Company and its affiliate, Tokio Marine Specialty Insurance Company (both headquartered in Bala Cynwyd, PA), which operate under a pooling agreement, collectively referred to as Philadelphia Insurance Companies (Philadelphia); along with Tokio Marine America Group and First Insurance Company of Hawaii, Ltd.'s (FICOH) (Honolulu, HI) subsidiaries remain unchanged following the organization's announcement that it sustained an information security event, which has resulted in a widespread network outage impacting Philadelphia, Tokio Marine America Group and FICOH's systems. On June 9, 2025, the organization received an alert regarding suspicious activity on its IT network. The organization took immediate actions to respond to the situation and disconnected affected systems to contain the threat. AM Best notes that the organization notified law enforcement and is engaged in a comprehensive forensic analysis, which is currently ongoing to determine the full scope, nature and ultimate impact to the organization. Philadelphia, Tokio Marine America Group and FICOH have activated their business continuity plans, including interim solutions that enable employees to carry out essential functions, while system restoration efforts are underway. While the situation 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. 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
23-06-2025
- Business
- Business Wire
AM Best Assigns Credit Ratings to JMalucelli Travelers Seguros SA
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to JMalucelli Travelers Seguros SA (JMT) (Colombia). The outlook assigned to the Credit Ratings (ratings) is stable. The ratings reflect JMT's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider support from JMT's ultimate parent, Liberty Mutual Holding Company Inc. (Liberty Mutual). JMT is a niche provider focused on underwriting surety bonds, with a limited number of other associated adjacent lines, in various business sectors, exclusively in Colombia. The company leverages its long-term producer partnerships across multiple distribution sources, as well as Liberty Mutual's deep experience and expertise in writing surety worldwide. JMT's balance sheet strength is supported by its strongest level of risk-adjusted capitalization, as measured by Best's Credit Adequacy Ratio (BCAR). The balance sheet strength assessment considers JMT's solid reinsurance program with Liberty Mutual, as well as a conservative investment philosophy. The business JMT is writing has shown consistent profitability historically, while underwriting income is expected to be augmented by investment returns. The company's risk management frameworks and capabilities are considered appropriate and aligned with its stated risk profile, along with guidance and oversight by Liberty Mutual. 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
20-06-2025
- Business
- Yahoo
AM Best Comments on Credit Ratings of Erie Insurance Group and Erie Family Life Insurance Company
OLDWICK, N.J., June 20, 2025--(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. 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 Sieira Senior Financial Analyst +1 908 882 2315 Michael Venezia Senior Financial Analyst +1 908 882 2414 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
