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an hour ago
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AM Best Affirms Credit Ratings of Teachers Insurance and Annuity Association of America and Its Subsidiary
OLDWICK, N.J., July 23, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aaa" (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) and its wholly owned insurance subsidiary, TIAA-CREF Life Insurance Company (TIAA-CREF Life). TIAA and TIAA-CREF Life collectively are referred to as the TIAA Group. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of "aa" (Superior) on TIAA's surplus notes. The outlook of these Credit Ratings (ratings) is stable. TIAA and TIAA-CREF Life are domiciled in New York, NY. (Please see below for detailed listing of the Long-Term IRs.) The ratings reflect TIAA Group's balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, favorable business profile and very strong enterprise risk management. The ratings reflect TIAA's continued market-leading position in the higher education and not-for-profit pension marketplaces. TIAA, together with its companion organization, College Retirement Equities Fund (CREF), enjoys significant economies of scale as one of the largest retirement systems in the United States, with assets under management and administration of approximately $1.6 trillion at year-end 2024. TIAA-CREF Life's primary products include individual annuities, funding agreements and separate account guaranteed interest contracts, which are marketed to customers of TIAA and the public. The ratings also reflect TIAA Group's risk-adjusted capitalization, which has continued at the strongest level for its current business and investment risks, as measured by Best's Capital Adequacy Ratio (BCAR), while continuing to have a diversified investment portfolio with a high degree of liquidity, along with a stable liability structure for a significant portion of its reserves. Risk-adjusted capitalization has been enhanced by TIAA's very strong operating performance, which has more than offset realized investment losses in recent years. TIAA has significant statutory accounting flexibility to manage its risk-adjusted capital position, including the ability to adjust crediting rates on its large in-force block of general account retirement annuities. TIAA's 2024 results delivered strong operating performance. Also noted is TIAA's conservative approach to statutory reserving that further enhances the company's balance sheet strength. AM Best notes that TIAA's current adjusted financial and operating leverages remain within targeted levels. AM Best also views favorably TIAA's unique long insurance liability structure with low liquidity needs, whereby nearly three-quarters of its general account reserves are not cashable and can only be received as a death benefit, an IRS-required minimum distribution or in the form of a periodic annuity payout. Contract holders may transfer funds from TIAA to CREF or to other employer-approved funding vehicles, but typically in the form of a 10-year annuity payout. Although AM Best considers TIAA's investment management capabilities to be strong, its overall investment portfolio has generated modest levels of realized investment losses in recent years, with some continued concern regarding the group's sizeable increased exposure to real estate assets, including commercial mortgage holdings and an elevated level of Schedule BA assets. TIAA's mortgage loan portfolio has generally performed historically well, but delinquencies, foreclosures and restructures have continued to increase in the past three years. AM Best notes that there are still potential economic headwinds, despite rising interest rates. Additionally, TIAA's Nuveen LLC is expected to provide continued additional earnings diversification and add additional scale to TIAA's business profile going forward. The following Long-Term IRs have been affirmed with a stable outlook: Teachers Insurance and Annuity Association of America— -- "aa" (Superior) on $1.05 billion 6.85% surplus notes due Dec. 16, 2039-- "aa" (Superior) on $1.65 billion 4.90% surplus notes due Sept. 15, 2044-- "aa" (Superior) on $2 billion 4.27% surplus notes due May 15, 2047-- "aa" (Superior) on $1.25 billion 3.3% surplus notes due March 15, 2050 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 Edward Kohlberg Director +1 908 882 1979 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
16 hours ago
- Business
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AM Best Assigns Credit Ratings to OneNexus Oklahoma Captive Corp.
OLDWICK, N.J., July 22, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to OneNexus Oklahoma Captive Corp. (OneNexus) (Oklahoma City, OK). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect OneNexus' 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). OneNexus is a property/casualty protected cell captive insurer domiciled in Oklahoma that was incorporated in 2021. OneNexus started writing business in 2023 as a special purpose insurer providing contractual liability insurance policies for the decommissioning of oil and gas wells and facilities for its parent company, OneNexus, LLC., to manage risks associated with asset retirement obligations that arise when oil and gas wells are drilled and obligations reside with the owner/operator of the oil and gas wells. OneNexus guarantees a defined benefit amount to the owner/operator of the wells at the time the well is chosen/required to be decommissioned. OneNexus' balance sheet strength assessment is supported by its strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and reflects the captive's permanent regulatory capital in the form of a letter of credit pledged by a highly rated reinsurance company. The balance sheet strength assessment also reflects the company's conservative investment portfolio composed of fixed income securities, short-term investments, and cash and cash equivalents. The captive does not currently utilize reinsurance partially offsetting the positive factors above. As a start-up company, OneNexus has limited historical operating results; however, early results are considered adequate as the company posted positive earnings in 2024. Overall, the company's performance to date has benefited from prudent underwriting, its niche business profile and appropriate ERM framework. Growth in the business will depend largely on regulatory requirements requiring financial assurance by oil and gas operators, as well as market acceptance. The stable outlooks reflect AM Best's expectation that OneNexus will execute its business plan as provided while maintaining an overall balance sheet assessment in the very strong range, supported by risk-adjusted capitalization at the strongest level, as measured by BCAR. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit 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 Anthony Molinaro Associate Director +1 908 882 2129 Victoria Riggs Associate Director +1 908 882 2273 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
a day ago
- Business
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AM Best Assigns Credit Ratings to OneNexus Oklahoma Captive Corp.
OLDWICK, N.J., July 22, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to OneNexus Oklahoma Captive Corp. (OneNexus) (Oklahoma City, OK). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect OneNexus' 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). OneNexus is a property/casualty protected cell captive insurer domiciled in Oklahoma that was incorporated in 2021. OneNexus started writing business in 2023 as a special purpose insurer providing contractual liability insurance policies for the decommissioning of oil and gas wells and facilities for its parent company, OneNexus, LLC., to manage risks associated with asset retirement obligations that arise when oil and gas wells are drilled and obligations reside with the owner/operator of the oil and gas wells. OneNexus guarantees a defined benefit amount to the owner/operator of the wells at the time the well is chosen/required to be decommissioned. OneNexus' balance sheet strength assessment is supported by its strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and reflects the captive's permanent regulatory capital in the form of a letter of credit pledged by a highly rated reinsurance company. The balance sheet strength assessment also reflects the company's conservative investment portfolio composed of fixed income securities, short-term investments, and cash and cash equivalents. The captive does not currently utilize reinsurance partially offsetting the positive factors above. As a start-up company, OneNexus has limited historical operating results; however, early results are considered adequate as the company posted positive earnings in 2024. Overall, the company's performance to date has benefited from prudent underwriting, its niche business profile and appropriate ERM framework. Growth in the business will depend largely on regulatory requirements requiring financial assurance by oil and gas operators, as well as market acceptance. The stable outlooks reflect AM Best's expectation that OneNexus will execute its business plan as provided while maintaining an overall balance sheet assessment in the very strong range, supported by risk-adjusted capitalization at the strongest level, as measured by BCAR. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit 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
Yahoo
a day ago
- Business
- Yahoo
AM Best Assigns Credit Ratings to OneNexus Oklahoma Captive Corp.
OLDWICK, N.J., July 22, 2025--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to OneNexus Oklahoma Captive Corp. (OneNexus) (Oklahoma City, OK). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect OneNexus' 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). OneNexus is a property/casualty protected cell captive insurer domiciled in Oklahoma that was incorporated in 2021. OneNexus started writing business in 2023 as a special purpose insurer providing contractual liability insurance policies for the decommissioning of oil and gas wells and facilities for its parent company, OneNexus, LLC., to manage risks associated with asset retirement obligations that arise when oil and gas wells are drilled and obligations reside with the owner/operator of the oil and gas wells. OneNexus guarantees a defined benefit amount to the owner/operator of the wells at the time the well is chosen/required to be decommissioned. OneNexus' balance sheet strength assessment is supported by its strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and reflects the captive's permanent regulatory capital in the form of a letter of credit pledged by a highly rated reinsurance company. The balance sheet strength assessment also reflects the company's conservative investment portfolio composed of fixed income securities, short-term investments, and cash and cash equivalents. The captive does not currently utilize reinsurance partially offsetting the positive factors above. As a start-up company, OneNexus has limited historical operating results; however, early results are considered adequate as the company posted positive earnings in 2024. Overall, the company's performance to date has benefited from prudent underwriting, its niche business profile and appropriate ERM framework. Growth in the business will depend largely on regulatory requirements requiring financial assurance by oil and gas operators, as well as market acceptance. The stable outlooks reflect AM Best's expectation that OneNexus will execute its business plan as provided while maintaining an overall balance sheet assessment in the very strong range, supported by risk-adjusted capitalization at the strongest level, as measured by BCAR. AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best's Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit 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
Yahoo
a day ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Cavello Bay Reinsurance Limited
OLDWICK, N.J., July 22, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) of Cavello Bay Reinsurance Limited (Cavello Bay) (Bermuda), a subsidiary of Enstar Group Limited (Enstar) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Cavello Bay's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The affirmation reflects a continuation of Enstar's robust capitalization through its acquisition by Sixth Street Partners, LLC (Sixth Street). In recent years, Enstar has established itself as a market leader in the non-life runoff space and continues to introduce new products to service short-tailed and insurance-linked securities solutions as well. AM Best anticipates that the business model will remain generally consistent under the ownership of Sixth Street. 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 Dan Hofmeister, CFA, FRM, CAIA, CPCU Associate Director +1 908 882 1893 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Steven M. Chirico, CPA Director +1 908 882 1694 Al Slavin Senior Public Relations Specialist +1 908 882 2318
