Ratings Recap: GIC Re, Seguros Inbursa, National Grid

for 2010-11. GIC Re’s capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), also weakened in fiscal year 2011-12, mainly due to capital provisioning against the Indian Motor Third Party Insurance Pool (IMTPIP) and natural catastrophe losses in 2011-12.

View the Original article

Ratings Roundup: First Insurance, InterGlobal, Salama

The ratings also take into consideration the recent acquisition of FIC’s majority stake by the Solidarity Group Holding BSC (c) (SGH) (Bahrain). FIC’s risk-adjusted capitalization of combined policyholders’ and shareholders’ funds is supported by the company’s low level of business leverage, a reinsurance program of good credit quality and a conservative investment profile.

View the Original article

Ratings Roundup: New India Assurance, South China Insurance

New India’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), remained strong in fiscal year 2011-2012, which is attributable to New India’s initiative to improve its underwriting results. The company’s capital and surplus stood solid at INR 232 billion

View the Original article

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

View the Original article

Ratings Roundup: Indiana Lumbermens Mutual, Noble

of Indiana Lumbermens Mutual Insurance Company and its reinsured subsidiaries, Lone Star National Insurance Company and National Building Material Assurance Company. All of the companies are domiciled in Indianapolis, Indiana. Best has also revised its outlook for all of the ratings to negative from stable.

View the Original article

A.M. Best Withdraws Ratings of Community Mutual Insurance Co. in N.Y.

January 17, 2013Email ThisPrintNewslettersTweetArticleComments

Insurance ratings agency A.M. Best Co. said it has downgraded the financial strength rating to C (Weak) from C

View the Original article

Ratings Recap: Southern General/GreenStar, Fairfield, Community Mutual, Wisconsin County

of Southern General Insurance Company (SGIC) and GreenStar Insurance Company, an affiliate of SGIC, both domiciled in Marietta, Georgia. The outlook for the FSR is stable, while the outlook for the ICRs has been revised to negative from stable. Best said the

View the Original article

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

View the Original article

Ratings Recap: Echelon, Nationale Suisse, MAPFRE Global Risks/Empresas

based upon the company’s good risk-adjusted capitalization, historically profitable earnings as a result of strong net investment income and low exposure to catastrophic loss,

View the Original article

Penn.-Based GUARD Insurance Group Gets Ratings Boost From A.M. Best

January 25, 2013Email ThisPrintNewslettersTweetArticleComments

A.M. Best Co. upgraded ratings of Wilkes-Barre, Penn.-based GUARD Insurance Group and its member subsidiaries, citing favorable business operations as well as the implicit and explicit financial support provided by their new parent company, National Indemnity Company (a wholly owned subsidiary of Berkshire Hathaway Inc.).


View the Original article

Ratings Recap: Nacional Re, Barents Re, PMG, MS Frontier Re

to Spain’s Nacional de Reaseguros, S.A., both with stable outlooks. Nacional’s ratings reflect its “strong risk-adjusted capitalization, ongoing strong operating performance and very good business profile as Spain’s leading reinsurer,” Best explained. “The ratings also factor in Nacional’s concentration in the Spanish market; which is affected by a depressed economic environment and the company’s high exposure to sovereign debt.” Best also indicated that Nacional’s strong risk-adjusted capitalization is “supported by good retained earnings, reserve redundancies and a comprehensive retrocession program.” In addition Best observed that despite the company’s high exposure to Spanish sovereign and corporate debt (

View the Original article

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

View the Original article

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

View the Original article

Best Maintains AVIVA and Subs Ratings Under Review; Negative Implications

Rating Services Limited has reviewed and maintained the under review status of the financial strength ratings of ‘A’ (Excellent) and issuer credit ratings (ICR) of

View the Original article

Ratings Recap: Arab Orient, Tristar, ASSA, Arabia, ACR Capital

of United Arab Emirates-based Arab Orient Insurance Company (PSC) (Orient), both with stable outlooks. The ratings reflect Orient’s “superior risk-adjusted capitalization, solid business profile within UAE and robust operating performance,” said Best. As offsetting factors Best cited Orient’s “level of reinsurance dependence and the need for more focus on its enterprise risk management.” Best added that Orient’s superior risk-adjusted capitalization is a “reflection of constant increases in capital and surplus through high earnings retention. In 2011, its capital and surplus surpassed AED 1.0 billion

View the Original article

Best Sees No Ratings Changes at Aviva after Moss Departure

Rating Services Limited has commented that the financial strength ratings, issuer credit ratings and debt ratings of the UK’s Aviva plc and its subsidiaries “are unaffected by the recent announcement that Aviva’s chief executive officer (CEO) is to leave the group at the end of May 2012.”

Best did say that it has noted the “recent changes to the senior management team and the potential effects this may have on the group’s strategic business plans.” It will continue to monitor these developments and assess their implications for Aviva’s ratings.
 
In addition Best indicated that the “ratings of Aviva and its subsidiaries were placed under review with negative implications in December 2011 due to Aviva’s investment risk exposure to several peripheral euro zone economies, Italy in particular.”

At the time, Best’s said its “rating actions on Aviva reflected its exposure to the continued deterioration of the sovereign creditworthiness of several euro zone countries and the negative economic outlook for the region. These ratings remain under review pending further analysis.
”
Source: A.M. Best

Email ThisPrintNewslettersTweetCategories: International News, RatingsTopics: A.M. Best, Aviva, moss, negative, Ratings, reviewHave a hot lead? Email us at newsdesk

View the Original article

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

View the Original article