Latest news with #PerformanceAssessments
Business Wire
a day ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Apex Insurance Inc.
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to Apex Insurance Inc. (Apex) (Burlington, VT). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Apex'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. Apex Insurance Inc. covers general liability exposures in North America, including coverages for professional liability, physical and sexual misconduct, and personal and advertising injury, for its parent, Bright Horizons Family Solutions Inc. and its subsidiaries and affiliated companies (Bright Horizons). Bright Horizons is a leading global provider of high-quality early education and child care, backup care and workforce education services, serving more than 1,450 of the world's leading employers. The ratings reflect AM Best's expectations that Apex will execute its projected business strategy and will continue to benefit from the implicit and explicit support of Bright Horizons given Apex's level of integration within the enterprise and its strategic importance to the organization as an effective alternative risk transfer vehicle. 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.
Business Wire
17-07-2025
- Business
- Business Wire
AM Best Downgrades Credit Ratings of Utica First Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'a' (Excellent) of Utica First Insurance Company (Utica First) (Oriskany, NY). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. The ratings reflect Utica First's balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The rating downgrades reflect deterioration in Utica First's operating performance as recent results have been challenged by various market and social inflation conditions, as well as weather-related events. As a result, the company had underwriting losses in each of the past five years and pre-tax operating losses in three of the past five years, which has driven total return metrics to be negative. In addition, other operating performance metrics are aligned with marginally rated companies within the commercial casualty composite. The revised outlooks to stable from negative reflect Utica First's balance sheet assessment of very strong, supported by risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), prudent investment portfolio and strong liquidity measures. In addition, the company has implemented numerous underwriting actions and rate actions to combat the decline in results. As a result, it is expected that operating metrics will stabilize and remain in line with the marginal assessment. AM Best assesses Utica First's business profile as neutral due to its strong position in its target market that includes business owners, specifically small restaurants, and the artisan line of business. AM Best assesses Utica First's ERM as appropriate supported by a developed risk framework and formalized risk appetite and tolerance statements. 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
10-07-2025
- Business
- Yahoo
AM Best Affirms Performance Assessment of Keane Specialty Insurance LLC
AMSTERDAM, July 10, 2025--(BUSINESS WIRE)--AM Best has affirmed the Performance Assessment (assessment) of PA-4 (Fair) of Keane Specialty Insurance LLC (Keane) (United States). The outlook of the assessment is stable. The assessment reflects Keane's strong underwriting capabilities, weak governance and internal controls, fair financial condition, fair organisational talent and weak depth and breadth of relationships. Keane is a delegated underwriting authority enterprise (DUAE) and is domiciled and regulated in the U.S. state of Delaware. Originally established as Edward William Insurance Services LLC in 2021, the company was rebranded in 2025. Keane's underwriting capabilities benefit from good management expertise in the marine yacht coverage segment, underpinned by a 20-year track record of profitable operations through its previous agency in Spain (i.e., Edward William SL, which is now a service company and has been renamed Keane Marine Management SL). However, the refocus of Keane's operations outside of Europe since 2021 and its strong growth ambitions are expected to lead to higher operating costs and potential volatility in prospective performance. An offsetting factor in the underwriting capabilities assessment is the low level of technology embedded in the underwriting process. Keane's governance framework is at a nascent stage and lacks a clear committee structure, partly reflecting the company's small size. Governance and oversight are managed at the board of directors level. The lack of developed internal information technology systems prevents data-sharing with the capacity provider. Given the company's small size, key person risk is material, and in AM Best's view, it is not mitigated effectively by formal policies and procedures. Keane's financial condition assessment is supported by robust retention rates and a track record of positive earnings generation, The assessment also benefits from the absence of debt and a history of non-dividend payments, with future earnings expected to be reinvested into the business. Limited earnings diversification across programmes or products is considered an offsetting factor. The company employs no staff, other than the three board members. Executive experience in the marine yacht coverage line of business is strong. The company is expected to continue outsourcing all activities to Keane Marine Management SL. Keane underwrites one single programme focused on its niche and specialist market position, in place since 2021. The company's dependence on its only carrier partner is considered an offsetting factor to the assessment of depth and breadth of relationships. This press release relates to Performance Assessments that have been published on AM Best's website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best's website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best's Performance Assessments for Delegated Underwriting Authority Enterprises. 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 Andrea Porta Financial Analyst +31 20 808 1700 Jose Berenguer Associate Director, Analytics +31 20 808 2276 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
Business Wire
10-07-2025
- Business
- Business Wire
AM Best Affirms Performance Assessment of Keane Specialty Insurance LLC
AMSTERDAM--(BUSINESS WIRE)-- AM Best has affirmed the Performance Assessment (assessment) of PA-4 (Fair) of Keane Specialty Insurance LLC (Keane) (United States). The outlook of the assessment is stable. The assessment reflects Keane's strong underwriting capabilities, weak governance and internal controls, fair financial condition, fair organisational talent and weak depth and breadth of relationships. Keane is a delegated underwriting authority enterprise (DUAE) and is domiciled and regulated in the U.S. state of Delaware. Originally established as Edward William Insurance Services LLC in 2021, the company was rebranded in 2025. Keane's underwriting capabilities benefit from good management expertise in the marine yacht coverage segment, underpinned by a 20-year track record of profitable operations through its previous agency in Spain (i.e., Edward William SL, which is now a service company and has been renamed Keane Marine Management SL). However, the refocus of Keane's operations outside of Europe since 2021 and its strong growth ambitions are expected to lead to higher operating costs and potential volatility in prospective performance. An offsetting factor in the underwriting capabilities assessment is the low level of technology embedded in the underwriting process. Keane's governance framework is at a nascent stage and lacks a clear committee structure, partly reflecting the company's small size. Governance and oversight are managed at the board of directors level. The lack of developed internal information technology systems prevents data-sharing with the capacity provider. Given the company's small size, key person risk is material, and in AM Best's view, it is not mitigated effectively by formal policies and procedures. Keane's financial condition assessment is supported by robust retention rates and a track record of positive earnings generation, The assessment also benefits from the absence of debt and a history of non-dividend payments, with future earnings expected to be reinvested into the business. Limited earnings diversification across programmes or products is considered an offsetting factor. The company employs no staff, other than the three board members. Executive experience in the marine yacht coverage line of business is strong. The company is expected to continue outsourcing all activities to Keane Marine Management SL. Keane underwrites one single programme focused on its niche and specialist market position, in place since 2021. The company's dependence on its only carrier partner is considered an offsetting factor to the assessment of depth and breadth of relationships. This press release relates to Performance Assessments that have been published on AM Best's website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best's website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best's Performance Assessments for Delegated Underwriting Authority Enterprises. 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
09-07-2025
- Business
- Business Wire
AM Best Assigns Credit Ratings to Ceres Life Insurance Company
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of 'bbb+' (Good) to Ceres Life Insurance Company (Ceres Life) (Austin, TX). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Ceres Life'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). Ceres Life's initial balance sheet strength assessment is supported by its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The company's projected investment allocation is expected to reflect a diversified mix of primarily fixed income securities, managed by Arena Investors, LP, a subsidiary of The Westaim Corporation. Additionally, Ceres Life's growth will be supported by capital contributions from its publicly traded parent, The Westaim Corporation [TSXV: WED]. Ceres Life's operating performance is assessed as adequate. As a newly formed entity, longer-term profitability trends will still need to be evaluated. Ceres Life's business profile is assessed as limited, reflecting its recent entrance into the competitive annuity market, with its forthcoming multi-year guaranteed annuity and fixed index annuity products. The company's business plan centers around its highly scalable, cloud-based technology, which should allow for operational and cost efficiencies. Also, the company benefits from its seasoned management team with strong insurance industry and technology backgrounds. The company's ERM is considered appropriate. The assessment reflects the establishment of its risk management framework, risk vision statement and oversight of an experienced chief risk officer and executive management team. As a newly established company, AM Best will closely monitor Ceres Life as it executes on its business strategy. Positive rating movement could occur if Ceres Life demonstrates sustained, profitable premium growth while maintaining the strongest level of risk-adjusted capitalization, as it executes its business plan. Conversely, negative rating action may occur if the company is unable to demonstrate the execution of its business plan or if capitalization or overall balance sheet metrics were to deteriorate materially relative to company-provided projections. 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.
