Latest news with #ERM
Yahoo
3 days ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Nacional de Seguros S.A. Compañía de Seguros Generales
MEXICO CITY, May 30, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Nacional de Seguros S.A. Compañía de Seguros Generales (Nacional de Seguros) (Bogota, Colombia). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Nacional de Seguros' 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 the company's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and the profitability Nacional de Seguros has achieved during its track record. Partially offsetting these positive rating factors is the size of the company, which limits business diversification given the inherent concentration risk, and its high dependence on reinsurance. Nacional de Seguros began operations in 2014 after acquiring Ecoseguros S.A., a company in voluntary liquidation, with fulfillment and liability insurance licenses granted by the Superintendencia Financiera de Colombia (SFC). Nacional de Seguros had less than a 1% market share in Colombia's property/casualty segment, as of December 2024, and is the fifth-largest company in the fulfillment insurance sector with an 8.2% market share. Nacional de Seguros' risk-adjusted capitalization stands at the strongest level, as measured by BCAR, and is supported by a comprehensive reinsurance program and its consistent historical profitability. Credit risk, driven by reinsurance recoverables, is the main factor that could impact the company's BCAR assessment. The company's business operations are focused exclusively on Colombia: 75% of premiums are generated in Bogota; 15% from Medellin; and 5% from other cities. Despite reporting fluctuations in gross premiums, the company has maintained a steady retention level, and constant profitability. Nacional de Seguros' underwriting metrics are characterized by contained loss ratios, and negative acquisition cost ratios due to its high ceding profile. The company's investment income has exhibited a stable trend in the past few years, moderately supporting Nacional de Seguros' income generation. Negative rating actions could occur as a result of ERM framework deficiencies, reflected by inadequate exposure management practices, or if the ERM framework becomes unsupportive of the current assessment by any other means. Negative rating actions also could occur if operating performance metrics deteriorate to the point of no longer being consistent with the adequate assessment or if adverse development of the underwriting portfolio or significant dividend payments erode the company's capital base and reduce risk-adjusted capitalization to a level that no longer supports the ratings. Although unlikely, positive rating actions could result from a successful consolidation of the company's business strategy, supported by prudent growth and underwriting practices. 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 Olga Rubo, FRM, CPCU Associate Director, Analytics +52 55 1102 2720, ext. 134 Alfonso Novelo Senior Director, Analytics +52 55 1102 2720, ext. 107 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 Affirms Credit Ratings of Nacional de Seguros S.A. Compañía de Seguros Generales
MEXICO CITY--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb' (Good) of Nacional de Seguros S.A. Compañía de Seguros Generales (Nacional de Seguros) (Bogota, Colombia). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Nacional de Seguros' 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 the company's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and the profitability Nacional de Seguros has achieved during its track record. Partially offsetting these positive rating factors is the size of the company, which limits business diversification given the inherent concentration risk, and its high dependence on reinsurance. Nacional de Seguros began operations in 2014 after acquiring Ecoseguros S.A., a company in voluntary liquidation, with fulfillment and liability insurance licenses granted by the Superintendencia Financiera de Colombia (SFC). Nacional de Seguros had less than a 1% market share in Colombia's property/casualty segment, as of December 2024, and is the fifth-largest company in the fulfillment insurance sector with an 8.2% market share. Nacional de Seguros' risk-adjusted capitalization stands at the strongest level, as measured by BCAR, and is supported by a comprehensive reinsurance program and its consistent historical profitability. Credit risk, driven by reinsurance recoverables, is the main factor that could impact the company's BCAR assessment. The company's business operations are focused exclusively on Colombia: 75% of premiums are generated in Bogota; 15% from Medellin; and 5% from other cities. Despite reporting fluctuations in gross premiums, the company has maintained a steady retention level, and constant profitability. Nacional de Seguros' underwriting metrics are characterized by contained loss ratios, and negative acquisition cost ratios due to its high ceding profile. The company's investment income has exhibited a stable trend in the past few years, moderately supporting Nacional de Seguros' income generation. Negative rating actions could occur as a result of ERM framework deficiencies, reflected by inadequate exposure management practices, or if the ERM framework becomes unsupportive of the current assessment by any other means. Negative rating actions also could occur if operating performance metrics deteriorate to the point of no longer being consistent with the adequate assessment or if adverse development of the underwriting portfolio or significant dividend payments erode the company's capital base and reduce risk-adjusted capitalization to a level that no longer supports the ratings. Although unlikely, positive rating actions could result from a successful consolidation of the company's business strategy, supported by prudent growth and underwriting practices. 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.
Associated Press
5 days ago
- Business
- Associated Press
Program Framework Rebrands to Power Framework in Celebration of 20th Anniversary
Program Framework rebrands as Power Framework on its 20th anniversary, forging a new era of growth in Microsoft-powered project and risk management solutions. ''We're deeply grateful to our clients for their support over the past 20 years. 'This rebrand reflects our ambition to continue shaping the future of project and portfolio management worldwide'— Gero Renker LONDON, ENGLAND, UNITED KINGDOM, May 29, 2025 / / -- Program Framework, a trusted provider of Microsoft-based Project Portfolio and Enterprise Risk Management solutions, officially rebrands as Power Framework marking its 20th anniversary and a bold new chapter in the company's growth. The rebrand unites the company and product identity under a single, forward-looking name that reflects its evolution into a global provider of Microsoft Cloud-based solutions. It signals a strategic milestone for the business, the team, and its growing international client base. Founded in 2005, Power Framework has spent two decades enabling organisations—from start-ups and non-profits to multinational enterprises—to improve project alignment, collaboration, and delivery maturity. Its flagship Project Portfolio Management (PPM) and Enterprise Risk Management (ERM) solutions, built on the Microsoft Power Platform, have empowered transformation across industries and sectors. 'As we celebrate 20 years in business, the rebrand to Power Framework brings our company and solutions under one name,' said Gero Renker, Director of Power Framework. 'It reflects the strength of our offering and our commitment to delivering scalable, data-driven project and risk management to a global audience.' With rising international demand for Microsoft-native tools, Power Framework is expanding its presence across Europe, North America, Africa and the Middle East. Robust architecture, trusted support, and cross-border implementation expertise position the company for continued global growth. There will be no changes to existing services or client contracts. As part of the rebrand, the former website ( ) will be retired, and clients can now enjoy its new digital home right here. The updated site features refreshed branding, streamlined navigation, and in-depth solution resources. 'We're deeply grateful to our clients for their support over the past 20 years,' added Renker. 'This rebrand reflects where we are today—and where we're going next—as we continue to shape the future of project and portfolio management around the world.' About Power Framework Power Framework is a trusted provider of Project Portfolio Management (PPM) and Enterprise Risk Management (ERM) solutions built on the Microsoft Power Platform. Power Framework empowers organisations to shift culture, strengthen governance, and build maturity in project and risk management—delivering measurable, strategic impact and thereby maximising return on Microsoft cloud investment for their clients. Gero Renker Power Framework +44 7714 720007 email us here Visit us on social media: LinkedIn YouTube Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Yahoo
15-05-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Lumen Re Ltd.
OLDWICK, N.J., May 15, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Lumen Re Ltd. (Lumen Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Lumen Re's balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). Lumen Re's risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), is at the strongest level. The company's liquidity, asset/liability management, quality of assets and use of internal capital models support its balance sheet strength assessment. Lumen Re' capitalization is complemented with third-party retrocession, which is on a fully collateralized basis, thus minimizing Lumen Re's exposure to losses and third-party credit risk. The company's leverage, as measured by the ratio of retained limits to equity, has been increasing but remains low. Lumen Re has renewed its status as a reciprocal jurisdiction reinsurer in 37 U.S. states for 2025, which will reduce operational burden and costs. AM Best assesses Lumen Re's overall operating performance as adequate. The company's de-risking and re-underwriting process continues to have the intended effect as its loss ratio has decreased significantly since 2022. Investment income has been higher since 2023, due to the higher interest rate environment. Lumen Re's operating performance is expected to remain favorable given current market conditions. AM Best assesses Lumen Re's business profile as limited, as the company predominantly writes catastrophe excess of loss contracts and limited reinsurance protection programs with well-established cedants in highly developed markets. Product concentration is mitigated somewhat by the company's risk diversification across regions, perils and the number of cedants. Pricing sophistication, modeling capabilities including reliance on vendor models and independent modeling tools, and coverage exclusions for start-up companies create a strong environment for management to execute its pricing strategy. AM Best assesses Lumen Re's ERM as appropriate. The company's ERM framework and governance ensures a systematic and controlled process for the identification, monitoring and reporting of underwriting and investment risks, as well as other relevant risks that affect its reinsurance operations. 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 David Mautone Senior Quantitative Specialist +1 908 882 2098 Wai Tang Senior Director +1 908 882 2388 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
15-05-2025
- Business
- Business Wire
AM Best Revises Outlooks to Stable for The Northern Neck Insurance Company
BUSINESS WIRE)-- AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of The Northern Neck Insurance Company (Northern Neck) (Irvington, VA). The Credit Ratings (ratings) reflect Northern Neck'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 revised outlooks to stable from negative reflect Northern Neck's improved operating performance in recent years, driven by management's pricing, underwriting and agency management actions. Results in 2024 continued to trend favorably despite several market challenges including weather-related events and fire losses. Net investment income and realized gains have played a key role in the company's improved operating results, partially constrained by continued underwriting volatility, albeit trending lower. Nonetheless, pretax operating income was reported in 2024 and net income in four of the past five years. Total return metrics remain modestly positive over the five-year period. Northern Neck's balance sheet strength assessment is supported by risk-adjusted capitalization maintained at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), high-quality investment portfolio with solid liquidity partially offset by elevated common stock leverage relative to the composite. While loss reserve development was favorable in 2024, this position needs to be sustained given deficiencies reported over a prolonged period in earlier years. The business profile reflects Northern Neck's single-state property predominant book of business that exposes results to frequent and severe weather-related events and competitive market pressures. The appropriate ERM assessment reflects formalized risk appetite and tolerance statements maintained for key areas, aided by a comprehensive reinsurance program. While tail risk is elevated as reflected by BCAR at the 99.8% VaR confidence level, management continues to refine coastal TIV to mitigate catastrophe exposure. 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.
