Best Removes Flagstone Re from Review; Affirms Ratings

December 21, 2012Email ThisPrintNewslettersTweetArticleComments

A.M. Best Co. has removed from under review with developing implications and affirmed the financial strength rating of

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Best Affirms Russian Re’s ‘B+’ Ratings; Outlook Stable

believes that Russian Re’s risk-adjusted capitalization is excellent, supported by the retention of earnings and low investment risks. Following the Russian Federation’s new legislative requirements, Russian Re increased its share capital from RUB 120 million

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Best Affirms Balboa Insurance Co., Subs Ratings, as Transfer to QBE Continues

of California-based Balboa Insurance Company and its wholly owned subsidiaries, Meritplan Insurance Company and Phoenix-based Newport Insurance Company, which operate under an intercompany reinsurance pooling agreement, collectively referred to as Balboa Insurance Group. All of the companies are owned by the BA Insurance Group, Inc., which is ultimately owned by Bank of America Corporation (BAC). The outlook for all ratings is stable.

The rating affirmations

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Best Affirms Zurich Insurance and Group ‘A+’ Ratings; Outlook Stable

of Swiss-based Zurich Insurance Company Limited (ZIC)), the main operating company of Zurich Insurance Group Ltd.

Best also assigned ratings and affirmed the existing ratings of the debt instruments issued or guaranteed by ZIC, as well as the ICR of

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Best Upgrades Issuer Credit Rating of Hiscox Group Subsidiaries; Affirms FSR

of Hiscox Insurance Company (Bermuda) Limited, UK-based Hiscox Insurance Company Limited (Hisco) and Hiscox Insurance Company (Guernsey) Limited.

Best has also affirmed the FSR of

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Best Affirms Donegal Group’s Members, Affiliates Ratings; Outlook Stable

September 28, 2012Email ThisPrintNewslettersTweetArticleComments

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of

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Best Revises HDI V.a.G., Talanx ICR Outlook to Positive; Affirms Ratings

Rating Services Limited has revised the outlook of the issuer credit rating (ICR) to positive from stable and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the ICR of

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Best Affirms Colonial Group and Subs Ratings; Outlook Stable

September 28, 2012Email ThisPrintNewslettersTweetArticleComments

A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A-’ (Excellent) and issuer credit ratings (ICR) of

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Best Affirms Ratings of ACE European Group Limited

of UK-based ACE European Group Limited (AEGL), both with stable outlooks.

The ratings reflect AEGL’s excellent stand alone risk-adjusted capitalization, solid operating performance and excellent business profile,” said Best. The ratings also reflect the implicit support provided to AEGL by its parent company, Zurich-based ACE Limited and “AEGL’s importance within the ACE group, which benefits from a diversified global operation and a consistently favorable record of generating strong earnings and cash flows.

“AEGL continues to be of strategic significance to ACE as its main underwriting operation in the United Kingdom and continental Europe. In addition, AEGL receives significant reinsurance support from ACE group affiliates.”

Best indicated that it expects AEGL “to maintain excellent stand-alone risk-adjusted capitalization in 2012, supported by solid retained earnings. In both 2010 and 2011, shareholders’ funds increased by over 6 percent in spite of dividends paid following the company’s strong operating performance in the previous year.”

However, Best also pointed out that “market conditions continue to be challenging, and AEGL is currently expecting to report a lower technical result in 2012 than the

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Best Affirms MAPFRE RE FSR; Downgrades ICR; Off Review; Negative Outlook

and affirmed the financial strength rating of ‘A’ (Excellent) of MAPFRE RE, Compania de Reaseguros, S.A, a key subsidiary of MAPFRE S.A. (both domiciled in Spain), the ultimate holding company of the MAPFRE Group.

Best also, announced that all of the ratings have been removed from under review with negative implications and assigned a negative outlook.

As Best announced in conjunction with these current rating actions, they follow a series of actions taken last December to address the implications for euro zone insurers. Generally it changed the outlook on the ratings, including MAPFRE Re’s, to negative from stable, while it carried out a more extensive review.

Best explained that the rating actions “consider the higher country risk faced by MAPFRE RE and MAPFRE S.A. (the consolidated group), due to the deterioration in the sovereign creditworthiness of Spain. In particular, the downgrading of the ICR of MAPFRE RE is driven by the assessment of the consolidated group’s financial strength.”

MAPFRE S.A. maintains significant investments in the peripheral euro zone economies, with Spanish debt accounting for 53 percent of the consolidated group’s

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A.M. Best Affirms Ratings of Western Surety Group and Members

April 5, 2012Email ThisPrintNewslettersTweetArticleComments

A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of

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