Latest news with #FinancialStrength
National Post
2 days ago
- Business
- National Post
AM Best Assigns Credit Ratings to Accelerant Re I.I.; Affirms Credit Ratings of Accelerant Holdings' Rated Subsidiaries
Article content OLDWICK, N.J. — has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of 'a-' (Excellent) to Accelerant Re I.I. (ARPR) (Puerto Rico). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of 'a-' (Excellent) of Accelerant Insurance Europe SA (AIE) (Belgium), Accelerant Insurance UK Limited (AIUK) (United Kingdom), Accelerant Specialty Insurance Company (ASIC) (Little Rock, AR), Accelerant National Insurance Company (ANIC) (Wilmington, DE), Accelerant Insurance Company of Canada (AIC) (Canada) and Accelerant Re (Cayman) Ltd. (ARKY) (Cayman Islands). The companies are wholly owned subsidiaries of Accelerant Holdings (Accelerant), a non-operating holding company in the Accelerant group. The outlook of these ratings is stable. Article content The ratings reflect the consolidated balance sheet of Accelerant'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. Article content In AM Best's view, AIE, AIUK, ASIC, ANIC, AIC, ARKY and ARPR are strategically important to, and integrated within, Accelerant. AIE, AIUK, ASIC, ANIC and AIC play key roles in the group's strategy of providing insurance capacity to managing general agents (MGA) in the United Kingdom, the European Union and North America. ARKY and ARPR are reinsurers and are strategically important to the group's reinsurance and capital management strategy. Accelerant's licensed (re)insurance carriers benefit from capital maintenance agreements with the holding company. Article content Accelerant's balance sheet strength assessment is supported by consolidated risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), and further complemented by additional supportive qualitative and quantitative factors, such as adequate net underwriting leverage, favorable financial flexibility and its conservative investment strategy. Limiting factors include heavy reliance on reinsurance through its low retention; however, the group has a record of accessing reinsurance partners of excellent credit quality, and has significantly diversified its reinsurance panel since launch, reducing dependence on any single partner. Article content The group is expected to achieve consistent positive results in the near-to-medium term now that sufficient operating scale has been achieved. Accelerant has been substantially growing its top-line premium since its incorporation, with the business provided by its partner MGAs running at healthy average loss ratios, as per expectations. Operating performance is supported by the group's agency business, which is the main contributor to the overall operating results. The group predominately sources its earnings from a steady distribution of commissions and fees, and the group's underwriting results continue to improve. Article content 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 Article content Article content Article content Article content Article content Contacts Article content Michael Cantalino Article content Article content Senior Financial Analyst Article content Article content +1 908 882 2243 Article content Article content Article content Jacqalene Lentz Senior Director +1 908 882 2011 Article content
Associated Press
23-05-2025
- Business
- Associated Press
AM Best Places Credit Ratings of Gulf Guaranty Life Insurance Company Under Review With Developing Implications
OLDWICK, N.J.--(BUSINESS WIRE)--May 23, 2025-- AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb' (Good) of Gulf Guaranty Life Insurance Company (Gulf Guaranty Life) (Flowood, MS). The Credit Ratings (ratings) reflect Gulf Guaranty Life'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 (ERM). Gulf Guaranty Life was sold to Acturion, LLC in March of 2025. AM Best has placed these ratings under review with developing implications pending completion of its discussions with the new owners of Gulf Guaranty Life as to the direction of the company's balance sheet strength, operating performance, profile and ERM. 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'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Igor Bass Senior Financial Analyst +1 908 882 1646 [email protected] Kate Steffanelli Associate Director +1 908 882 2337 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 05/23/2025 11:23 AM/DISC: 05/23/2025 11:22 AM
Associated Press
23-05-2025
- Business
- Associated Press
AM Best Affirms Credit Ratings of N.V. Univé Her
AMSTERDAM--(BUSINESS WIRE)--May 23, 2025-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of N.V. Univé Her (Univé Her) (Netherlands), a wholly owned subsidiary of Coöperatie Univé U.A. (Univé Group), a mutual insurance group domiciled in the Netherlands. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Univé Her's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also consider Univé Her's strategic importance to and integration within the Univé Group as its internal reinsurance vehicle, with the company benefiting from rating enhancement as a result. Univé Her's balance sheet strength is underpinned by its risk-adjusted capitalisation, which remained at the strongest level at year-end 2024, as measured by Best's Capital Adequacy Ratio (BCAR). Given the company's significant exposure to catastrophe losses, prospective risk-adjusted capitalisation is prone to volatility. An offsetting factor is the company's dependence on retrocession to manage its natural catastrophe exposure; however, the risks associated with this dependence are partially offset by the high credit quality of the counterparties. Univé Her's underwriting results are solid, having generated a five-year (2020-2024) average combined ratio of 74.5% (as calculated by AM Best), and overall operating earnings are supplemented by modest investment returns reflective of the company's conservative investment portfolio. In 2024, Univé Her reported an after-tax profit of EUR 9.2 million (2023: EUR 3.5 million profit after tax), underpinned by a combined ratio of 48.8% (98.1%), which improved mainly due to the reduced impact of natural catastrophe events compared to 2023. In addition, the company's five-year average (2020-2024) return-on-equity (ROE) ratio is 3.3% (as calculated by AM Best). Univé Her's technical performance is subject to periodic volatility, due to its exposure to natural catastrophes. Given its distinctive role as the Univé Group's main reinsurer, Univé Her benefits from its exclusive access to the reinsurance business ceded by the Univé mutuals and N.V. Univé Schade. Univé Her is predominantly a monoline reinsurer, offering property excess of loss covers to the regional Univé mutuals. All other product lines are fully retroceded to the external reinsurance market, with the exception of motor hull insurance, which has been partially included within Univé Her's risk appetite beginning in 2020. An offsetting factor to the business profile assessment is the company's limited geographic diversification, with its portfolio concentrated exclusively within the Netherlands. 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'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Valentine Gu, AAG Associate Financial Analyst +31 20 308 5421 [email protected] Dr. Mathilde Jakobsen Senior Director, Analytics +31 20 808 3118 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: NETHERLANDS EUROPE INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 05/23/2025 09:50 AM/DISC: 05/23/2025 09:48 AM
Yahoo
22-05-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Royal Bank of Canada Insurance Company Ltd.
OLDWICK, N.J., May 22, 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 Royal Bank of Canada Insurance Company Ltd. (RBCICL) (Cayman Islands). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect RBCICL'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. RBCICL is a profitable subsidiary of Royal Bank of Canada (RBC), which is the largest bank in Canada as measured by market capitalization. RBCICL has high brand recognition as it executes its strategy of reinsuring and managing Canadian Creditor Life, Longevity and other international insurance products that aligns with the parent company's strategy. RBCICL transitioned to IFRS 17 reporting on Nov. 1, 2023. The company holds a contractual service margin liability for its profitable reinsurance contracts, which contributed to a decline in reported capital on transition to IFRS 17 but is expected to be released into earnings over time. The company has had reduced new business growth in recent years due to increased competition and market conditions, but continues to quote on profitable new growth opportunities. The parent bank is a strong organization with approximately CAD 127 billion of IFRS equity at financial year-end 2024 and over CAD 2 trillion in assets. RBC group earned approximately CAD 16 billion in net income on CAD 57 billion in revenue in fiscal-year 2024. AM Best notes that RBC does not guarantee support, but may provide additional capital at its discretion should RBCICL need to maintain its risk-adjusted capitalization levels. 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 Ed Kohlberg 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
Associated Press
22-05-2025
- Business
- Associated Press
AM Best Assigns Credit Ratings to Berkeley Re Designated Activity Company
AMSTERDAM--(BUSINESS WIRE)--May 22, 2025-- AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of 'bbb+' (Good) to Berkeley Re Designated Activity Company (Berkeley Re) (Ireland). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Berkeley Re's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Berkeley Re is the captive reinsurer for Mondelez International, Inc. (Mondelez), a global confectionary, food and beverage company based in the United States. Berkeley Re's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company benefits from a liquid investment portfolio and low reinsurance dependence. A partly offsetting factor in the assessment is the company's exposure to large losses within its property line of business. The risks associated with this exposure are mitigated partly by a deed of commitment granted by the immediate parent company. The adequate operating performance assessment reflects the Berkeley Re's track record of good, but volatile, underwriting results, as demonstrated by a five-year average combined ratio of 67.6% (2020-2024), as calculated by AM Best. Prospectively, performance is expected to be positive in most years but remains subject to volatility due to Berkeley Re's exposure to potentially large property losses. Berkeley Re is a captive composite reinsurer that mainly underwrites property damage and business interruption and employee related risks. Berkeley Re's underwriting portfolio is well-diversified by line of business as well as geographically. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please 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'sRecent Rating Activityweb page. For additional information regarding the use and limitations of Credit Rating opinions, please viewGuide 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 viewGuide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Valentine Gu, AAG Associate Financial Analyst +31 20 308 5421 [email protected] Sanchez Director, Analytics +31 20 808 3190 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: NETHERLANDS EUROPE INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES SOURCE: AM Best Copyright Business Wire 2025. PUB: 05/22/2025 09:13 AM/DISC: 05/22/2025 09:12 AM
