Latest news with #PreliminaryCreditAssessments
Business Wire
5 hours ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Fidelity Security Assurance Company
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to Fidelity Security Assurance Company (Fidelity Assurance) (Kansas City, MO). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Fidelity Assurance's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, appropriate enterprise risk management, and one notch of lift. Fidelity Assurance is a property/casualty (P/C) professional liability insurance company with a program for educators. The company grew out of a desire for increased synergies and diversification with its affiliated company, Fidelity Security Life Insurance Company and Forrest T. Jones Co./FTJ Consulting Co, which is a national third-party administrator and broker. The company is expected to have modest growth as it executes its plan including exploring other ancillary P/C lines of business with similar synergies. Fidelity Assurance is expected to rely on its parent for services as it expands its business profile and future reinsurance. Additionally, it is expected that the parent company will aid in maintaining Fidelity Assurance's risk-adjusted capital if needed. 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
Business Wire
08-08-2025
- Business
- Business Wire
AM Best Revises Outlooks to Stable for GBU Financial Life
BUSINESS WIRE)-- AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of GBU Financial Life (GBU) (Pittsburgh, PA). These Credit Ratings (ratings) reflect GBU's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. AM Best notes GBU's expansion in its operating jurisdictions, the lines of business it writes and its overall position in the fraternal market. The company also utilizes conservative reserving practices and has taken actions to improve its risk-based capitalization, which has decreased in recent periods. This includes GBU's successful execution of a third-party annuity reinsurance treaty for in-force policies. This arrangement is expected to stabilize GBU's strong overall balance sheet assessment and position the company for growth. Additional reinsurance on new sales is expected to further support profitable premium growth. The company's reported net premiums written of approximately $183 million in the first quarter of 2025, and its balance sheet strength is expected to remain supportive of similar strategic growth plans going forward. Partially offsetting some of the positive rating factors are GBU's increased reinsurance dependence and some expected operating performance volatility. GBU utilizes a number of external investment managers to provide further expertise. This is done through management of a more diversified invested asset portfolio, which has supported strong investment income and driven favorable annuity crediting spreads and overall operating earnings over the last five years, despite the new business strain. The company has steadily increased its allocation to real estate investments, including private commercial and public structured security exposures that present some concentration risk. AM Best will continue to monitor the impacts of the reinsurance treaty on the company's capitalization and operating performance, as GBU continues to execute its business profile expansion plans, along with the nature of GBU's retained and ceded assets. 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
06-08-2025
- Business
- Business Wire
AM Best Places Credit Ratings of Independence American Insurance Company Under Review With Developing Implications
BUSINESS WIRE)-- AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Independence American Insurance Company (IAIC) (Wilmington, DE). The Credit Ratings (ratings) have been placed under review with developing implications following IAIC's re-filing of its 2024 annual statements. The refiling of the statements was driven by the auditor's opinion that the pet quota share reinsurance contracts did not pass the auditing firm's guidelines for transfer of risk. As a result, IAIC had to re-file its 2024 annual statements to reflect deposit accounting on the reinsurance contracts effective January 1, 2024. The ratings will remain under review while the company initiates measures to support growth, which may include new reinsurance agreements and/or capital contributions from its parent. AM Best will monitor and have discussions with IAIC on its progress. 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
Business Wire
22-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Cavello Bay Reinsurance Limited
OLDWICK, N.J.--(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.
Business Wire
17-07-2025
- Business
- Business Wire
AM Best Revises Outlooks to Positive for Farm Mutual Reinsurance Plan Inc.
BUSINESS WIRE)-- AM Best has revised outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb+' (Good) of Farm Mutual Reinsurance Plan Inc. (Farm Mutual Re) (Ontario, Canada). The Credit Ratings (ratings) reflect Farm Mutual Re's balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The positive outlooks reflect the improvement in Farm Mutual Re's underwriting profitability over the last few years and the continued impact of favorable reserve development on its overall operating results. Beginning in 2020, Farm Mutual Re launched a strategic plan to restore underwriting profitability following a period of performance deterioration driven by elevated catastrophe losses. Since then, the company has demonstrated improvement in its member and broker segments through more disciplined underwriting practices, including significant rate increases, improved risk selection, and tighter expense management. As such, Farm Mutual Re's results have benefited from management's strategic initiatives and, as a result, the company recorded its strongest year in its history in 2024, with an overall net income gain of $105.2 million. While Farm Mutual Re, as a reinsurer, remains inherently exposed to volatility from catastrophe events, AM Best expects the company's operating results to remain positive over the near term, supported by improved underwriting discipline and sustained favorable reserve development trends. Farm Mutual Re was established in 1959, is the exclusive reinsurer for 43 members in Canada and accepts each insurer's entire reinsurance program. Farm Mutual Re also operates a broker segment where reinsurance contracts are marketed through reinsurance brokers. Customers in this segment are primarily regional mutual insurance companies located in the United States with minor exposures in Canada, the United Kingdom, Europe, Japan, India, Australia and Turkey. Additionally, Farm Mutual Re acquired all the issued and outstanding shares of the United General Insurance Corporation in 2019, an exclusive auto insurance provider located in Fredericton, New Brunswick, which provides auto coverage in New Brunswick and Nova Scotia. 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.
