Latest news with #Long-TermIssuerCreditRating
Business Wire
4 days ago
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlook to Positive for Cooperativa de Seguros de Vida de Puerto Rico
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 C (Weak) and the Long-Term ICR of 'ccc' (Weak) of Cooperativa de Seguros de Vida de Puerto Rico (COSVI) (San Juan, Puerto Rico). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect COSVI's balance sheet strength, which AM Best assesses as very weak, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The positive outlook on the Long-Term ICR is related to the expected continued efforts to improve risk-adjusted capitalization in the near term, as measured by Best's Capital Adequacy Ratio (BCAR). This is led by management's strategic initiatives, including organic growth over the last few years, as well as anticipated additional improvement in the company's overall risk management. While AM Best asserts that the balance sheet strength assessment is still very weak, recognizable material improvements have been made over the medium term, and surplus and risk-adjusted capital is expected to continue to improve going forward. COSVI's absolute level of capital continued to increase as of year-end 2024, by another 3.8% compared with the prior year, as a result of an operating income of almost $1 million. The company's risk-adjusted capitalization, as measured by BCAR, continued to improve slightly but remains assessed as very weak. Unadjusted financial leverage remains just within AM Best's tolerances, and quality of capital remains neutral to COSVI's ratings. AM Best notes that COSVI will also need to demonstrate a continued trend of executing its capital management plan along with additional support by the shareholders before any potential upward movement in the balance sheet strength assessment is contemplated. AM Best will continue to monitor progress closely on all initiatives presented. 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.
Business Wire
5 days ago
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlooks to Negative for Oklahoma Farm Bureau Mutual Insurance Company and Its Subsidiary
BUSINESS WIRE)-- AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICRs of 'bbb+'(Good) for the members of the Oklahoma Farm Bureau Group: Oklahoma Farm Bureau Mutual Insurance Company and its wholly owned subsidiary, AgSecurity Insurance Company, collectively referred to as Oklahoma Farm Bureau. The outlook of the FSR is stable. All companies are domiciled in Oklahoma City, OK. The Credit Ratings (ratings) reflect Oklahoma Farm Bureau'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 revision of the Long-Term ICR outlooks to negative from stable reflects pressure on Oklahoma Farm Bureau's operating performance assessment given multiple years of underwriting losses, which have been impacted by frequent and severe weather, inflation and increased cost of reinsurance. Consequently, operating performance metrics are no longer closely aligned with other adequately assessed rated carriers. While management has and continues to address the deterioration in the group's operating performance by implementing various corrective actions, including rate increases, and reunderwriting initiatives, the overall effectiveness of these actions remains to be seen. Oklahoma Farm Bureau's balance sheet strength, which AM Best assesses as very strong, continues to be supported by its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), a conservative investment portfolio, relatively low reserve leverage and historically favorable reserve development. The group's limited business profile assessment is indicative of the concentration risk as a single-state writer in the state of Oklahoma, which leaves results susceptible to weather and regulatory risk. In addition, the limited business profile assessment reflects its high property lines exposure. However, the group is the largest domestic carrier in the state of Oklahoma and controls the largest share of the farm and ranch market in the state. Oklahoma Farm Bureau's ERM remains appropriate, inclusive of a formal ERM program that is appropriate for the complexity of the group's overall risk profile, as well as a comprehensive reinsurance program, which provides top-level limit well into its tail 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.
Barnama
6 days ago
- Business
- Barnama
AM Best Upgrades Credit Ratings of Asian Reinsurance Corporation
SINGAPORE, May 29 (Bernama) -- AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to 'bbb' (Good) from 'bbb-' (Good) of Asian Reinsurance Corporation (Asian Re) (Thailand). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Asian Re'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).
Business Wire
23-05-2025
- Business
- Business Wire
AM Best Revises Issuer Credit Rating Outlook to Positive for MS Amlin AG (MS Reinsurance)
LONDON--(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.
Barnama
13-05-2025
- Business
- Barnama
AM Best Revises Issuer Credit Rating Outlook to Negative for Korea P&I Club
HONG KONG, May 13 (Bernama) -- AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of 'bbb+' (Good) of Korea P&I Club (KP&I or the Club) (South Korea). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect KP&I'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. The ratings also reflect the wide range of support that the Club receives from the South Korean government.
