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Business Wire
8 hours ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Aseguradora General, S.A.
BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb+' (Good) of Aseguradora General, S.A. (AGen) (Guatemala). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect AGen's balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). AGen was established in 1967 and is the sixth-largest insurer operating in Guatemala. As of year-end 2024, the company reported USD 92 million in direct premium, with a market share of 6.7%. The company underwrites a mixed portfolio of life and non-life business, with its retained premium distributed among major medical expenses, auto, life and a mix of property/casualty (P/C). AM Best assesses the company's business profile as neutral, supported by its importance within its domestic market, but limited by its geographic and product concentration. AGen's majority shareholder is a pure holding company privately held by investors that bought a 51% stake of the company in May 2017 from Assicurazioni Generali S.p.A. AM Best assesses AGen's balance sheet strength as strongest. The company's well-structured reinsurance program supports its capital base by properly limiting its exposure to catastrophe events. AM Best assesses AGen's ERM as appropriate as its management capabilities are sufficient to meet its risk appetite. AM Best assesses AGen's operating performance as marginal, The result posted for 2024 reflects the company's improved underwriting in particular lines, while challenges persist in its competitive insurance segments and in expense management. AM Best also recognizes the positive development of AGen's P/C lines of business. Net income has remained positive for the past five years; and 2024 results improved in comparison with 2023, to USD 7.5 million from USD 4.8 million. The stable outlooks reflect AM Best's expectation that AGen will maintain positive bottom-line results, reflective of technical adjustments, while maintaining its balance sheet strength. Positive rating actions could take place if the AGen's operating performance trends positively due to underwriting quality improvements. Negative rating actions could take place if the company's operating performance deteriorates and losses erode its capital base to a point where its risk-adjusted capitalization is no longer supportive of the ratings. 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
10 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Veterinary Professional Insurance Society Incorporated
SINGAPORE, June 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Veterinary Professional Insurance Society Incorporated (VPIS) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect VPIS' balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. VPIS' balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Despite this, AM Best considers VPIS to have a low regulatory solvency margin compared with its peers. Other offsetting balance sheet strength considerations include limited financial flexibility, and a small absolute capital base (NZD 3.7 million as of 30 September 2024), which increases the sensitivity of VPIS' capital adequacy to stress scenarios. Whilst VPIS' reinsurance programme protects the organisation against large single losses and aggregate exposure, AM Best views the organisation as having a high reliance on reinsurance. AM Best assesses VPIS' operating performance as adequate. As a not-for-profit members society, operating earnings has been driven historically by investment income rather than underwriting profits. In fiscal year 2024, VPIS recorded a return-on-equity ratio of 5.5%, with a combined ratio of 107.7%. The elevated combined ratio is driven by increased claim frequency and higher operating expenses. Particularly, VPIS' expense ratio is heightened when compared with the industry average as a result of its size and investment in technology in recent years. Investment income remains a key driver of the organisation's fiscal year 2024 operating earnings, with a net investment yield (including gains/losses) of 8.6%. VPIS is a not-for-profit organisation that provides predominantly professional indemnity insurance to veterinarians in New Zealand. The business profile assessment of limited reflects VPIS' small-scale operations, niche product focus and high geographic concentration. Nonetheless, VPIS has a dominant market position in its targeted segment, supported by its highly specialised knowledge and experience in New Zealand's veterinary industry. 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. 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. View source version on Contacts Chee Yun Associate Financial Analyst +65 6303 5019 Yi Ding Associate Director, Analytics +65 6303 5021 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
10 hours ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Veterinary Professional Insurance Society Incorporated
SINGAPORE, June 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Veterinary Professional Insurance Society Incorporated (VPIS) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect VPIS' balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. VPIS' balance sheet strength assessment is underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). Despite this, AM Best considers VPIS to have a low regulatory solvency margin compared with its peers. Other offsetting balance sheet strength considerations include limited financial flexibility, and a small absolute capital base (NZD 3.7 million as of 30 September 2024), which increases the sensitivity of VPIS' capital adequacy to stress scenarios. Whilst VPIS' reinsurance programme protects the organisation against large single losses and aggregate exposure, AM Best views the organisation as having a high reliance on reinsurance. AM Best assesses VPIS' operating performance as adequate. As a not-for-profit members society, operating earnings has been driven historically by investment income rather than underwriting profits. In fiscal year 2024, VPIS recorded a return-on-equity ratio of 5.5%, with a combined ratio of 107.7%. The elevated combined ratio is driven by increased claim frequency and higher operating expenses. Particularly, VPIS' expense ratio is heightened when compared with the industry average as a result of its size and investment in technology in recent years. Investment income remains a key driver of the organisation's fiscal year 2024 operating earnings, with a net investment yield (including gains/losses) of 8.6%. VPIS is a not-for-profit organisation that provides predominantly professional indemnity insurance to veterinarians in New Zealand. The business profile assessment of limited reflects VPIS' small-scale operations, niche product focus and high geographic concentration. Nonetheless, VPIS has a dominant market position in its targeted segment, supported by its highly specialised knowledge and experience in New Zealand's veterinary industry. 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. 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. View source version on Contacts Chee Yun Associate Financial Analyst +65 6303 5019 Yi Ding Associate Director, Analytics +65 6303 5021 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
07-03-2025
- Business
- Associated Press
AM Best Assigns Credit Ratings to MGT Specialty Insurance Company; Affirms Credit Ratings of MGT Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)--Mar 7, 2025-- AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of 'a-' (Excellent) to MGT Specialty Insurance Company (MGT Specialty) (Phoenix, AZ). The outlook assigned to these Credit Ratings (ratings) is stable. Additionally, AM Best has affirmed the FSR of A- (Excellent) and a Long-Term ICR of 'a-' (Excellent) of MGT Insurance Company (MGT Insurance) (Greenwood Village, CO). The outlook of these ratings is stable. These companies comprise a newly formed group, MGT Group (MGT). The ratings reflect MGT'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). MGT Specialty was formed late in 2024 as a wholly owned subsidiary of MGT Insurance. The assignment of the ratings reflects the new relationship between the two companies whereby MGT Insurance will fully reinsure all premiums and losses of MGT Specialty through a 100% quota share agreement. MGT Specialty provides excess & surplus lines product and rate flexibility to compliment the admitted product offered by MGT Insurance. The newly formed group offers property and liability coverage within the small- and medium-size commercial segment, with particular focus on veteran and minority-owned businesses. The group is in its infancy and has only started to write a modest amount of premium with the intent to expand across several states in the near term. As such, AM Best expects the group to maintain the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), in order to support prospective growth and the assumption of related risks. The current ERM program for the collective group is the same as for MGT Insurance and is considered appropriate for the scope and scale of MGT's operations. Further refinement, particularly as it relates to reinsurance protections, will develop as MGT expands. 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. Director +1 908 882 1749 Richard Attanasio Senior Director +1 908 882 1638 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 03/07/2025 02:44 PM/DISC: 03/07/2025 02:47 PM
