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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
18-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Members of MedPro Group
BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of 'aa+' (Superior) of the members of MedPro Group (MedPro). These Credit Ratings (ratings) apply to The Medical Protective Company (Fort Wayne, IN) and its affiliates: Princeton Insurance Company (Princeton, NJ); PLICO, Inc. (Oklahoma City, OK); Wellfleet Insurance Company (Fort Wayne, IN); and Wellfleet New York Insurance Company (New York, NY); as well as MedPro's two reinsured affiliates, MedPro RRG Risk Retention Group and AttPro RRG Reciprocal Risk Retention Group (both domiciled in the District of Columbia). The outlook of these ratings is stable. The ratings reflect MedPro's balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The ratings acknowledge MedPro's risk-adjusted capitalization being at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), as well as the group's long-term profitable operating performance and its leading market position, which it maintains in the medical professional liability (MPL) sector, proving the group's ability to underwrite profitably through market cycles. Additionally, the ratings consider the organization's substantial distribution capabilities, prudent claims-handling philosophy and culture of holistic risk management. MedPro consistently outperforms peers by most metrics, illustrated by substantial historical returns on equity, low operating ratios and solid net underwriting income. Furthermore, the ratings benefit from the explicit and implicit financial support provided by its affiliate, National Indemnity Company, and MedPro's ultimate parent, Berkshire Hathaway Inc. [NYSE: BRK A and BRK B], which includes reinsurance programs, investment opportunities and capital support. Partially offsetting these positive rating factors are the inherent challenges associated with the medical professional liability line of business, particularly as it relates to price competition, changing market dynamics, potential changes in legislation (i.e., tort reform), increasing loss cost trends and regulatory risk. At the same time, AM Best recognizes the organization's strong management team, diversified premium base and jurisdictional diversity, which have contributed to MedPro outperforming its peers over the longer term and maintaining a significant market position. MedPro has historically had a large allocation to common stocks, exposing it to significant volatility during periods when the equity markets experience sharp declines. The group has demonstrated its ability to absorb this volatility historically and maintain the strongest level of risk-adjusted capitalization, as measured by BCAR, due to its low underwriting leverage, driven by its affiliated reinsurance agreement with National Indemnity Company and MedPro's substantial capital position, as well as the investment managers' historical trend of success in turbulent markets. At year-end 2024, MedPro moved a significant portion of its invested assets into short-term investments and cash, as well as reduced its common stock 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.
Business Wire
01-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of NLV Financial Corporation and Its Insurance Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa-' (Superior) of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly owned subsidiary, Life Insurance Company of the Southwest (LSW) (Addison, TX). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of 'a' (Excellent) of the surplus notes of NLIC. Both companies are collectively known as National Life Group (NL Group) and are life insurance subsidiaries of NLV Financial Corporation (NLVF) (headquartered in Montpelier, VT), which is the intermediate holding company in the organization's mutual holding company structure. AM Best also has affirmed the Long-Term ICR and the Long-Term IRs of 'a-' (Excellent) of NLVF. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the Long-Term IRs.) The ratings reflect NL Group'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 (ERM). These ratings also indicate continued favorable trends in NL Group's balance sheet strength metrics, supported by its strongest level of risk-adjusted capitalization, which is projected to remain at that level, as measured by Best's Capital Adequacy Ratio (BCAR). Continued strategic management initiatives have resulted in further growth of the group's life/annuity sales, but sales for the industry could still be challenged to grow at a similar pace in the near term with economic uncertainty and its potential impact on the insurance industry's competitive landscape. NL Group's investment portfolio experienced some shifting during the year, with investment-grade corporate debt having the largest investment allocation decline, while mortgage-backed securities (MBSs) composed the biggest relative increase in investment allocation. NL Group's NAIC risk-based capital ratio remains strong and has stayed well above regulatory requirements over the past several years. However, there has been moderate continued volatility in NL Group's net income levels, driven by non-core earnings that reflect GAAP accounting reserving changes for indexed products, as well as short-term movement in equity markets and interest-rate curves. NL Group has a long history of successfully growing its agency force consisting of career and independent agents targeting life insurance and annuity product solutions. Recent profitable growth has led to consistent improvement in market share position through its niche products, such as its offerings in the K-12 educator and indexed universal life markets. Although the ERM assessment is assessed as appropriate, the program continues to positively reflect NL Group's well-established governance structure, culture and risk management controls, which are continuing to evolve and grow more sophisticated year over year. Additionally, NL Group launched a funding agreement-backed note (FABN) program in 2024, which completed its first issuance of $500 million in January 2025. The FABN program acts as a natural extension of the FHLB program, which leverages internal investments and finance expertise to contribute meaningfully to NL Group's bottom line. Most recently, NL Group recaptured all the assets of its captive reinsurer, Longhorn Reinsurance Company, resulting in a $19 million increase in assets in December 2024. AM Best will closely monitor the effects of these transactions on the whole organization. The following Long-Term IRs have been affirmed with stable outlooks: NLV Financial Corporation— -- 'a-' (Excellent) on $75 million 6.50% senior unsecured notes, due 2035 -- 'a-' (Excellent) on $200 million 7.50% senior unsecured notes, due 2033 National Life Insurance Company— -- 'a' (Excellent) on $200 million 10.50% surplus notes, due 2039 -- 'a' (Excellent) on $500 million 5.25% surplus notes, due 2068 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
25-06-2025
- Automotive
- Yahoo
AM Best Affirms Credit Ratings of Motors Insurance Company Limited
LONDON, June 25, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Motors Insurance Company Limited (MICL) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable. MICL is a wholly owned subsidiary of AmTrust International Insurance, Ltd., which is a member of the AmTrust Group. The ratings reflect MICL'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. MICL's balance sheet strength is underpinned by risk-adjusted capitalisation comfortably at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), and is supported by prudent reserving practices and a low-risk investment portfolio. Over the medium term, AM Best expects the buffers in risk-adjusted capitalisation, in excess of the strongest threshold, to reduce moderately as the company upstreams excess capital through dividend payments to the AmTrust Group. MICL's moderate dependence on reinsurance and concentration to one reinsurance counterparty is partially mitigated by that counterparty's excellent credit quality. MICL has a track record of strong operating performance, with a five-year (2020-2024) weighted average return-on-equity ratio of 10.6%. The company's earnings are underpinned by solid underwriting profits over the cycle, demonstrated by a five-year weighted average combined ratio of 91.2%, as calculated by AM Best, which was driven by prudent pricing and profit-sharing arrangements. In addition, the company's overall earnings are supported by modest investment returns from its conservative asset allocation. MICL provides auto warranty and auto add-on policies, primarily distributed by retail intermediaries. The company has a well-established competitive position in the auto warranty market in the United Kingdom, which generates the majority of its revenue. AM Best expects MICL's market profile to remain relatively stable. 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 Naz Botea, ACA Financial Analyst +44 20 7397 0313 Kanika Thukral Associate Director, Analytics +44 20 7397 0327 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
20-06-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Prism Assurance, Ltd.
OLDWICK, N.J., June 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Prism Assurance, Ltd. (Prism) (Burlington, VT). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Prism'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 stable outlooks reflect AM Best's expectation that the captive insurer will maintain its very strong level of balance sheet strength and adequate operating performance supported by risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), steady streams of income from intangible assets and the execution of prudent risk management strategies. Further, Prism also has sufficient liquidity supported by the company's ability to call on its loan-back to the parent, in addition to the financial flexibility afforded through the parent company, Apogee Enterprises, Inc. (Apogee) [NASDAQ: APOG], if needed. As a single parent captive, Prism inherently benefits from a low expense structure/ratio with minimal distribution, driving an expense ratio that is much lower than that of traditional commercial insurers. There is manageable volatility in the company's underwriting performance from the low frequency, high severity type claims it was established to cover. The parent contributes trademarks and associated royalty income to the captive in addition to interest from the parent loan-back to provide a steady stream of net investment income. Profitability metrics in terms of return on revenue, return on equity, and return on invested assets far exceed industry averages on both five- and 10-year terms. Prism is the single-parent captive insurance company of Apogee, one of the largest architectural design and construction companies in the United States. AM Best assesses Prism's business profile as limited as the company provides very specific lines of coverage to Apogee, although its risks do have a level of geographic diversification, reflecting the scope of the parent's operations. As a captive, Prism is an integral component of the Apogee organization's overall risk management capability and awareness. The company is interwoven into Apogee's ERM program, and as a result, Prism displays excellent risk identification and mitigation processes. Prism works cohesively with business units across the overall organization to reduce claims severity and frequency. Negative rating impact could occur if a deterioration of Prism's operating performance leads to a material loss of risk-adjusted capitalization or if AM Best's perception of the parent's ability and willingness to support the captive materially declines. Positive rating action, although unlikely in the near term, could occur due to a sustained trend of improvement in the company's operating performance. 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. 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 Luke Davies Financial Analyst +1 908 882 2467 Dan Teclaw Director +1 908 882 2390 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
