Latest news with #IFRS17
Yahoo
4 days ago
- Business
- Yahoo
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--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 Insurance Corporation of Barbados Limited (ICBL) Barbados. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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 Paul Frost Senior Financial Analyst +1 908 882 1768 Bridget Maehr Director +1 908 882 2080 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
4 days ago
- Business
- Yahoo
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--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 Insurance Corporation of Barbados Limited (ICBL) Barbados. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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 Paul Frost Senior Financial Analyst +1 908 882 1768 Bridget Maehr Director +1 908 882 2080 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
4 days ago
- Business
- Business Wire
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
BUSINESS WIRE)-- 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 Insurance Corporation of Barbados Limited (ICBL) Barbados. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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
23-05-2025
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Positive for MS Amlin AG (MS Reinsurance)
LONDON, May 23, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of "aa-" (Superior) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect MS Reinsurance'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. In addition, MS Reinsurance's ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). MS Reinsurance receives explicit group support through a parental guarantee issued by MS Reinsurance's intermediate parent, Mitsui Sumitomo Insurance Company, Limited (MSI). The revision of the Long-Term ICR outlook to positive reflects the growing profile of MS Reinsurance within the MS&AD group, along with its improving financial performance. The recovery in operating profitability over several years has been driven by MS Reinsurance's improved underwriting performance, which has benefitted from a series of remedial measures put in place to reposition its underwriting portfolio, including reducing catastrophe exposure and exiting underperforming accounts, as well as favorable market conditions. The result of these measures is evidenced by the 95% and 96% combined ratio (as calculated by AM Best, based on Swiss Code of Obligations) that MS Reinsurance achieved in 2024 and 2023, respectively, or approximately 90% for both years, under IFRS 17. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results, reinforcing its position as a key subsidiary within the MSI group. MS Reinsurance's 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). After declining to the very strong level in 2023, largely as a result of strong premium growth, the company's BCAR recovered to the strongest level in 2024, driven by a second consecutive year of profitability and the retention of earnings. MS Reinsurance is an international reinsurance company with key operating hubs in Zurich, Bermuda and the United States. The company is well-diversified by both line of business and geography. 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 Romeo BertiSenior Financial Analyst+44 20 7397 Tim PrinceDirector, Analytics+44 20 7397 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
Yahoo
23-05-2025
- Business
- Yahoo
AM Best Revises Issuer Credit Rating Outlook to Positive for MS Amlin AG (MS Reinsurance)
LONDON, May 23, 2025--(BUSINESS WIRE)--AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of "aa-" (Superior) of MS Amlin AG (MS Reinsurance) (Switzerland). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect MS Reinsurance'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. In addition, MS Reinsurance's ratings benefit from rating enhancement, in the form of lift, due to explicit support provided by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). MS Reinsurance receives explicit group support through a parental guarantee issued by MS Reinsurance's intermediate parent, Mitsui Sumitomo Insurance Company, Limited (MSI). The revision of the Long-Term ICR outlook to positive reflects the growing profile of MS Reinsurance within the MS&AD group, along with its improving financial performance. The recovery in operating profitability over several years has been driven by MS Reinsurance's improved underwriting performance, which has benefitted from a series of remedial measures put in place to reposition its underwriting portfolio, including reducing catastrophe exposure and exiting underperforming accounts, as well as favorable market conditions. The result of these measures is evidenced by the 95% and 96% combined ratio (as calculated by AM Best, based on Swiss Code of Obligations) that MS Reinsurance achieved in 2024 and 2023, respectively, or approximately 90% for both years, under IFRS 17. Prospectively, MS Reinsurance is expected to report profitable and less volatile underwriting results, reinforcing its position as a key subsidiary within the MSI group. MS Reinsurance's 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). After declining to the very strong level in 2023, largely as a result of strong premium growth, the company's BCAR recovered to the strongest level in 2024, driven by a second consecutive year of profitability and the retention of earnings. MS Reinsurance is an international reinsurance company with key operating hubs in Zurich, Bermuda and the United States. The company is well-diversified by both line of business and geography. 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 Romeo BertiSenior Financial Analyst+44 20 7397 Tim PrinceDirector, Analytics+44 20 7397 Christopher SharkeyAssociate Director, Public Relations+1 908 882 Al SlavinSenior Public Relations Specialist+1 908 882
