Articles from AM Best

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Santam Limited (Santam) (South Africa). The outlook assigned to these Credit Ratings (ratings) 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 AuguStar Life Insurance Company (ALIC) and its wholly owned subsidiary, AuguStar Life Assurance Corporation (together referred to as AuguStar Life Group). These companies are the principal insurance subsidiaries of Constellation Insurance, Inc. (Constellation). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of National Security Life and Annuity Company (NSLAC). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of Constellation. Finally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of Constellation and ALIC. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Cincinnati, OH. (See below for a detailed listing of the Long-Term IRs.)

AM Best has affirmed 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). 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 The American Road Insurance Company (TARIC) (Dearborn, MI). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Sanlam Life Insurance Limited (Sanlam Life) (South Africa). Sanlam Life is a wholly owned subsidiary of Sanlam Limited (Sanlam) (South Africa), the non-operating holding company of the Sanlam group. The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has withdrawn the Long-Term Issue Credit Ratings (Long-Term IRs) of “bbb-” (Good) on $500 million, 5% senior unsecured notes, due 2027; “bb” (Fair) on $300 million, 6.625% perpetual, non-cumulative preferred stock; and “bb” (Fair) on $400 million, 5.95% perpetual, non-cumulative preferred stock of American Equity Investment Life Holding Company (AEL) (Iowa), as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Seguros e Inversiones, S.A. (SISA) (El Salvador).

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

AM Best has revised the outlook to negative from stable of the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Nonprofits Insurance Alliance of California, Inc. (Santa Cruz, CA), National Alliance of Nonprofits for Insurance, Inc. and Alliance of Nonprofits for Insurance, Risk Retention Group, Inc. (both of West Brookfield, VT) which all are members of Nonprofits Insurance Alliance Group (NIA or the group). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Hannover Rück SE (Hannover Re) (Germany) and its main subsidiaries. AM Best also has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of a debt instrument issued by Hannover Re. The outlook of these Credit Ratings (ratings) is stable. See below for a detailed listing of all companies and ratings.

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 HDI Global Seguros, S.A. (HDI-GS) (Mexico). Concurrently, AM Best has affirmed the Mexico National Scale Rating of “aaa.MX” (Exceptional) of HDI-GS. 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 ICR) of “aa-” (Superior) of HDI Haftpflichtverband der Deutschen Industrie V.a.G. (HDI V.a.G.) (Germany) and its rated insurance subsidiaries. The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned an FSR of A+ (Superior) and a Long-Term ICR of “aa-” (Superior) to HDI Global Select Insurance Company (Indianapolis, IN). The outlook assigned to these ratings is stable. Additionally, AM Best has affirmed the Mexico National Scale Rating of “aaa.MX” (Exceptional) of HDI Global Seguros, S.A. (Mexico City, Mexico). The outlook of this rating is stable. (Please see below for a detailed listing of the subsidiaries and ratings.)

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 Landcar Casualty Company (Landcar) (Draper, UT). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SNIC Insurance B.S.C. (c) (SNIC) (Bahrain). The outlook of these Credit Ratings (ratings) is negative.

The U.S. property/casualty (P/C) industry recorded a $4.1 billion net underwriting gain in the first nine months of 2024, a significant improvement from the $32.1 billion loss recorded in the same prior-year period, 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 Continental Reinsurance Plc (CRe) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Mongolian National Reinsurance JSC (Mongolian Re) (Mongolia). 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 African Reinsurance Corporation (ARC) (Nigeria). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Blue Cross Blue Shield of Michigan Mutual Insurance Company (Detroit, MI) and Blue Care Network of Michigan (Southfield, MI) (collectively known as BCBS MI). In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of AF Group’s members. (See below for a detailed list of the companies.) The outlook of these Credit Ratings (ratings) is stable.

AM Best will host a market briefing to discuss its outlooks on the U.S. insurance industry’s major segments and the global reinsurance industry, along with leading issues facing the (re)insurance industry on Wednesday, Feb. 12, 2025, at the Grand Cayman Marriott Resort in the Cayman Islands.

AM Best has maintained its market segment outlook for the U.S. life/annuity insurance segment at stable, supported by strong capitalization across the industry, robust top-line growth in core lines of business and consistent profitability trends.

AM Best is requesting comments from market participants in the insurance industry and other interested parties on a draft update to its criteria procedure, “Alternative Risk Transfer (ART),” which is available on the methodology section of AM Best’s website until Feb. 20, 2025.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to National Grid Insurance USA Ltd (NGIUSA) (United States). The outlook assigned to these Credit Ratings (ratings) is stable. NGIUSA is a captive of National Grid plc (NG), a large utility group.

AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance sector for 2025, due partly to its persistently strong underwriting performance and improved investment returns, which have bolstered operating profitability.

AM Best has revised its outlook to stable from negative for the U.S. personal lines insurance segment for 2025, which corresponds with a change to the personal auto outlook. The shift in the personal lines segment outlook cites improved rate and pricing conditions, particularly in the auto insurance space, along with solid levels of risk-adjusted capitalization among carriers.