Latest news with #Ratings
Business Wire
24-07-2025
- Business
- Business Wire
AM Best Upgrades Credit Ratings of Lincoln Heritage Life Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to 'a' (Excellent) from 'a-' (Excellent) of Lincoln Heritage Life Insurance Company (Lincoln Heritage) (Springfield, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Lincoln Heritage's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The upgrading of the ratings for Lincoln Heritage reflects a trend of strong and consistent operating performance, with three consecutive years of record operating, underwriting, and investment earnings. The company's strong operating performance is further evidenced in the return on equity ratios, which exceed 20% on a one-, three- and five-year basis. This trend of improved operating performance began in 2022, when the company reported strong underwriting gains mainly driven by a significant decline in death claims. This trend of underwriting income continued through 2024, and continues through first-quarter 2025, as claims trends have moderated over time post the COVID-19 pandemic. Investment income has also increased significantly in recent years, largely driven by growth in invested assets and an improvement in investment yield from the investment portfolio. Lincoln Heritage's strong operating results have been accretive to the balance sheet, with risk-adjusted capital and liquidity metrics improving as its capital has accumulated over the long term. 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 Assigns Credit Ratings to OneNexus Oklahoma Captive Corp.
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to OneNexus Oklahoma Captive Corp. (OneNexus) (Oklahoma City, OK). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect OneNexus' 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). OneNexus is a property/casualty protected cell captive insurer domiciled in Oklahoma that was incorporated in 2021. OneNexus started writing business in 2023 as a special purpose insurer providing contractual liability insurance policies for the decommissioning of oil and gas wells and facilities for its parent company, OneNexus, LLC., to manage risks associated with asset retirement obligations that arise when oil and gas wells are drilled and obligations reside with the owner/operator of the oil and gas wells. OneNexus guarantees a defined benefit amount to the owner/operator of the wells at the time the well is chosen/required to be decommissioned. OneNexus' balance sheet strength assessment is supported by its strongest risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and reflects the captive's permanent regulatory capital in the form of a letter of credit pledged by a highly rated reinsurance company. The balance sheet strength assessment also reflects the company's conservative investment portfolio composed of fixed income securities, short-term investments, and cash and cash equivalents. The captive does not currently utilize reinsurance partially offsetting the positive factors above. As a start-up company, OneNexus has limited historical operating results; however, early results are considered adequate as the company posted positive earnings in 2024. Overall, the company's performance to date has benefited from prudent underwriting, its niche business profile and appropriate ERM framework. Growth in the business will depend largely on regulatory requirements requiring financial assurance by oil and gas operators, as well as market acceptance. The stable outlooks reflect AM Best's expectation that OneNexus will execute its business plan as provided while maintaining an overall balance sheet assessment in the very strong range, supported by risk-adjusted capitalization at the strongest level, as measured by BCAR. 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
22-07-2025
- Business
- Business Wire
AM Best Revises Outlooks to Negative for The Brethren Mutual Insurance Company
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of The Brethren Mutual Insurance Company (Brethren) (Hagerstown, MD). The Credit Ratings (ratings) reflect Brethren'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 (ERM). Brethren's revised ratings outlooks to negative from stable reflect deterioration in the company's operating performance metrics, which have been driven primarily by an influx of weather-related events and have contributed to underwriting losses in each of the last three years. Brethren has been proactively taking corrective actions including implementing new business moratoriums, coverage restrictions, deductible changes and non-renewing policies with poor loss experience; however, results have continued to trail the composite. Continuation of these trends would likely lead to a revision in AM Best's adequate operating performance assessment. The very strong balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The neutral business profile reflects the company's market leading position in its top line of business, and farmowners', in its core states, Maryland and Delaware. In addition, the company has a modest amount of geographic diversification with a spread of risks between commercial, farm, home and auto. AM Best considers Brethren's ERM program to be appropriate for its risk profile and includes comprehensive risk management. 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 Assigns Issuer Credit Rating to Fontana Holdings L.P.; Affirms Credit Ratings of Member Companies
BUSINESS WIRE)-- AM Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of 'bbb+' (Good) to Fontana Holdings L.P. The outlook assigned to this Credit Rating (rating) is stable. Concurrently, AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term ICRs of 'a+' (Excellent) of Fontana Reinsurance U.S. Ltd. and Fontana Reinsurance Ltd., which are subsidiaries of Fontana Holdings L.P. The outlook of these ratings is stable. All companies are domiciled in Bermuda and collectively referred to as Fontana. The ratings reflect Fontana's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management (ERM). Fontana Holdings L.P. is a joint venture between RenaissanceRe Holdings Ltd. (RenaissanceRe) [NYSE:RNR] and various third-party capital partners. Both Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. are ultimately owned by Fontana Holdings L.P., and each company's rating considers its strategic importance to Fontana. Fontana is critical to RenaissanceRe's diversification, being the first joint venture focused on casualty and specialty risk. Fontana is managed solely by Renaissance Underwriting Managers, Ltd. (RUM) and is consolidated into RenaissanceRe's financial statements. Fontana started operations in April 2022 with USD 475 million in committed capital and has assumed a whole account quota share of RenaissanceRe's casualty and specialty book of business. Fontana's capital has been supported by its parent, which has raised capital successfully over the past years to support the growth of Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. The ratings of the Fontana entities continue to reflect the strength and depth of RenaissanceRe's management team and its leadership in ERM, as well as the benefits that should accrue to Fontana as a result of RenaissanceRe—through RUM—managing underwriting, pricing, risk selection, reserves, investments, claims, etc. AM Best notes that Fontana's operating performance and overall balance sheet strength have been maintained at levels consistent with expectations over its relatively short operating history. As the companies gain scale, AM Best expects that Fontana will generate underwriting profits and earnings to support the adequate operating performance, and that risk-adjusted capitalization will be maintained at levels to support the strong balance sheet assessment, broadly consistent with RenaissanceRe's long-term risk appetite for this entity. 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.
