Articles from AM Best

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Nacional de Seguros S.A. Compañía de Seguros Generales (Nacional de Seguros) (Bogota, Colombia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa” (Superior) to the $1 billion, 6.17% surplus notes, due 2055, issued by The Northwestern Mutual Life Insurance Company (Northwestern Mutual) (Milwaukee, WI). The outlook assigned to this Credit Rating (rating) is stable.

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Insurance Corporation of Barbados Limited (ICBL) Barbados.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Ratings of “bbb” (Good) and the Mexico National Scale Rating of “aa.MX” (Superior) of CESCE México, S.A. de C.V. (CESCEM) and its affiliate, CESCE Fianzas México, S.A. de C.V. (CESCEF). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Mexico City, Mexico.

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.

AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Tugu Insurance Company Limited (TIC) (Hong Kong). At the time of the withdrawal, the outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of FuSure Reinsurance Company Limited (FuSure) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

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.

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Velocity Specialty Insurance Company (VSIC) (Wilmington, Delaware). The outlook assigned to these Credit Ratings (rating) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Damaan Islamic Insurance Company ‘BEEMA’ (Q.P.S.C.) (Beema) (Qatar). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Cooperativa de Seguros Multiples de Puerto Rico (CSM) (San Juan, PR).

AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Arabia Insurance Company – Jordan (AICJ) (Jordan).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Union Insurance Company Limited (Union) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.

Florida’s personal property insurance market reported an underwriting profit following eight consecutive years of related losses, as well as a significant jump in pre-tax operating income in 2024, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Republic Insurance Company (Cayman) Limited (Republic Insurance) (Cayman Islands). The outlook of these Credit Ratings (ratings) is stable.

AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Definity Insurance Company (Definity Insurance), as well as the Long-Term ICR of “bbb” (Good) of Definity Financial Corporation (Definity Financial) remain unchanged following the recent announcement of a CAD 3.3 billion transaction to acquire The Travelers Companies, Inc.’s (Travelers) [NYSE: TRV] Canadian operations. Definity Insurance and Definity Financial are both domiciled in Waterloo, Ontario, Canada.

AM Best will attend and exhibit at IASA Xchange 2025 in St. Louis, MO, June 8-10, 2025. AM Best’s Senior Director of Credit Rating Criteria Research & Analytics Robert Raber will speak on a panel, titled, “Exploring ERM Best Practices in 2025” on June 10 at 1:00 p.m. (CDT).

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.

AM Best is maintaining its negative outlook on Italy’s life insurance segment.

AM Best has maintained its stable outlook on Italy’s non-life insurance segment.

AM Best has assigned a Performance Assessment of PA-1 (Exceptional) to a group of nine affiliates of Ryan Specialty Underwriting Managers (RSUM) (Chicago, IL). (See below for a detailed list of affiliate companies.) The outlook assigned to the Performance Assessments (assessment) is stable. At the same time, AM Best has upgraded the assessments to PA-1 (Exceptional) from PA-2 (Excellent) of Ryan Specialty Underwriting Managers International Limited (RSUMI) (United Kingdom) and its subsidiary, Ryan Specialty Netherlands B.V. (RSN) (Netherlands). The outlook of these two assessments has been revised to stable from positive. The upgrades reflect RSUMI’s and RSN’s integration within RSUM across underwriting practices, governance framework, branding, financial performance, strategic alignment and operations, following their acquisition in May 2024. All the above 11 affiliate companies are now assessed by AM Best on a consolidated basis under RSUM.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Peak Reinsurance North America Ltd. (Peak Re NA) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has released 2024 annual financial data from insurers that have completed their filings to date for Best’s Capital Adequacy Ratio (BCAR) Model – P/C, US.

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.

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Gulf Guaranty Life Insurance Company (Gulf Guaranty Life) (Flowood, MS).

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of RetailFirst Insurance Company (RFIC) and BusinessFirst Insurance Company (BFIC), which are affiliates of RetailFirst Insurance Group (RFIG) and are domiciled in Lakeland, FL.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of RBC Life Insurance Company (RBC Life) (Mississauga, Ontario). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of N.V. Univé Her (Univé Her) (Netherlands), a wholly owned subsidiary of Coöperatie Univé U.A. (Univé Group), a mutual insurance group domiciled in the Netherlands. The outlook of these Credit Ratings (ratings) is stable.

AM Best has maintained its stable outlook on Spain’s life insurance segment.

AM Best has maintained its stable outlook on Spain’s non-life insurance segment.

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” (Excellent) from “bbb+” (Good) and upgraded the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. In addition, AM Best has upgraded the Long-Term ICRs to “a-” (Excellent) from “bbb+” (Good) of Fairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both of which are indirectly, wholly owned downstream holding companies of Fairfax. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. (See below for a detailed listing of Long-Term IRs.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Royal Bank of Canada Insurance Company Ltd. (RBCICL) (Cayman Islands). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY), together referred to as Symetra Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of Symetra Life Group’s parent, Symetra Financial Corporation. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Bellevue, WA, unless otherwise specified.

Video playback is now available for a complimentary webinar, titled ,“The Risks Right Now: Market Shifts Shaping U.S. Auto Insurance,” hosted by AM Best and sponsored by LexisNexis Risk Solutions. Access it here.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Compagnie française d’assurance pour le commerce extérieur (la Compagnie) (France), Coface North America Insurance Company (CNAIC) (United States) and Coface Re SA (Coface Re) (Switzerland), which are subsidiaries of Coface SA (Coface), the non-operating holding company of the Coface group. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of New York (New York, NY). These insurance entities comprise the life/health operations of Ameritas Mutual Holding Company (all companies are collectively referred to as Ameritas). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) of the group’s surplus notes (see below for details of the Long-Term IR). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of Intact Insurance Company, the lead company of Intact Financial Corporation (IFC) [TSX: IFC], as well as the core insurance subsidiaries of IFC. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of IFC, the parent holding company. In addition, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of Intact U.S. Holdings Inc. (Delaware), an intermediate holding company of IFC. The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Ontario, Canada, unless otherwise specified. (Please see below for a complete listing of the FSRs, Long-Term ICRs and Long-Term IRs for the core members of Intact Financial Corporation.)

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Homesteaders Life Company (Homesteaders) (West Des Moines, IA). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of National General Insurance Company (P.J.S.C.) (NGI) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable.

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 Southern States Insurance Exchange (SSIE) (Richmond, VA). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of BNY Trade Insurance, Ltd. (BNY Trade) (Hamilton, Bermuda) and The Hamilton Insurance Corp. (Hamilton) (Melville, NY). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of New Zealand Medical Indemnity Insurance Limited (NZMII) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Berkeley Re Designated Activity Company (Berkeley Re) (Ireland). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Euro Accident Livförsäkring AB (Euro Accident) (Sweden). The outlook of these Credit Ratings (ratings) is stable. The ultimate parent of Euro Accident is Impilo AB, a Swedish investment firm focused on Nordic healthcare investments.

AM Best has assigned indicative Long-Term Issue Credit Ratings of “a-” (Excellent) to senior unsecured issues, “bbb+” (Good) to subordinated issues, and “bbb” (Good) to preferred stock to the recently filed shelf registration of MetLife, Inc. (MetLife) (headquartered in New, NY) [NYSE: MET]. The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings on the previous shelf registrations, which expired.

AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of the members of Nodak Insurance Group (Nodak). The outlook of the Long-Term ICRs has been revised to stable from negative, while the outlook of the FSR is stable. Concurrently, AM Best has downgraded the Long-Term ICR to “bbb” (Good) from “bbb+” (Good) of NI Holdings, Inc. (Fargo, ND) [NASDAQ: NODK], a publicly traded holding company. The outlook of this Credit Rating (rating) has been revised to stable from negative. (See below for a full listing of companies and ratings.)

AM Best has commented that the National Oceanic and Atmospheric Administration’s (NOAA) removal of the billion-dollar weather disaster database could impede insurance companies’ ability to track losses due to secondary perils.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Dubai Insurance Company (PSC) (DIN) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable.

Despite declining premium volume and challenging underwriting conditions, insurers providing U.S. directors and officers (D&O) liability coverage had their most favorable loss experience in more than a decade in 2024, according to a new AM Best report.

AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “bbb-” (Good) of Life Insurance Company of Louisiana (LICOL) (Shreveport, LA). The outlooks of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Austral Resseguradora S.A. (Austral Re) and Austral Seguradora S.A. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of Austral Participações S.A. (Austral). The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Brazil and collectively referred to as Austral.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Popular Life Re (PLRe) (Puerto Rico). PLRe is a life reinsurance subsidiary of its ultimate parent, Popular, Inc. [NASDAQ: BPOP], a publicly traded bank holding company based in Puerto Rico. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Ping An Property & Casualty Insurance Company of China, Ltd (Ping An P&C) (China). The outlook of these Credit Ratings (ratings) is stable.

AM Best Managing Director Greg Williams will join a panel discussion during The Insurer’s upcoming Program Manager Conference and Awards on May 29, 2025, at Gotham Hall in New York City, NY.

In its May issue, Best’s Review reports on how insurers have put aside their initial reluctance and welcomed artificial intelligence to help customers and better understand risk. The article “Insurance Industry Embraces AI Innovation as Technology Advances ‘Exponentially” features insurance executives who discuss the real-world AI applications within the industry, from weather tools that aid in fortifying homes to an ecosystem of virtual agents. Read the article here.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Pinnacle Life Limited (Pinnacle Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PT Asuransi Tokio Marine Indonesia (TMI) (Indonesia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Tokio Marine Canada Ltd. (TMC) (Toronto, ON). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Lumen Re Ltd. (Lumen Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Nectaris Re Ltd. (Nectaris Re), the operating subsidiary of Nectaris Holdings Ltd. (both domiciled in Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The Northern Neck Insurance Company (Northern Neck) (Irvington, VA).

A panel of senior AM Best analysts and industry experts will explore the dynamic developments within the Delegated Underwriting Authority Enterprises (DUAE) segment during a special briefing on June 5, 2025, at 10:00 a.m. ET.

AM Best believes a proposed European Union-backed public-private natural catastrophe reinsurance scheme could be supportive for the bloc’s insurance markets.

AM Best has maintained its market segment outlook on the Philippine non-life insurance market at stable, citing factors that include robust growth prospects, driven by economic development and rising insurance demand, along with stabilised reinsurance capacity.

AM Best has assigned a Preliminary Credit Assessment (PCA) to New England Indemnity Company (NEIC) (Bedford, NH) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent). The outlook assigned to the PCAs is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa+” (Superior) of Berkshire Hathaway Life Insurance Company of Nebraska (BHLN) (Omaha, NE). In addition, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICR of “aa-” (Superior) of First Berkshire Hathaway Life Insurance Company (First Berkshire Hathaway Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable.

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to “a+” (Excellent) from “aa-” (Superior) of American Heritage Life Insurance Company (American Heritage) (Jacksonville, FL). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best Senior Director Carlos Wong-Fupuy will participate in a panel discussion on the impact of natural catastrophes during the 2025 Insurance Regulation Conference, which is scheduled for Tuesday, May 20, 2025, in New York, NY.

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Life Insurance Corporation (International) B.S.C. (c) (LICI) (Bahrain). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best will hold its popular annual Reinsurance Market Briefing at the 2025 Rendez-Vous de Septembre (Rendez-Vous) on Sunday, 7 September at 10:15 a.m. (CEST) at the Hotel Hermitage in Monte Carlo.

AM Best is maintaining a stable outlook on Japan’s non-life insurance industry, citing improved profitability in the fire insurance line and heightened regulatory oversight, which is driving industry reforms.

AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of PacificSource Health Plans (PacificSource HP) (Springfield, OR).

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the USD 350 million, 6.349% fixed-rate reset senior unsecured notes due 2035, issued by Ascot Group Limited (AGL) (Bermuda) on 9 May 2025. The outlook assigned to this Credit Rating (rating) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of Donegal Insurance Group (Donegal Group) (Marietta, PA). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Donegal Group Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the member companies.)