Articles from AM Best

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.)

AM Best will host a complimentary market briefing on the state of Florida’s property/casualty market ahead of the start of hurricane season, on Wednesday, May 28, 2025, at 1:00 p.m. ET.

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

AM Best Senior Managing Officer and Chief Ratings Officer Ken Johnson appears as the featured guest in the latest InsuranceAUM.com podcast to discuss AM Best’s market segment outlooks and potential impact on investment risk.

Although net after-tax income for AM Best’s medical professional liability (MPL) composite improved in 2024 for a second-straight year, the composite reported further deterioration in underwriting results, according to a new AM Best report.

AM Best’s Susan Tan, senior financial analyst, will speak at the Philippine Insurance Summit to be held 20 May 2025, in Makati City, Philippines.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan). 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 NiSource Insurance Corporation, Inc. (NICI) (Salt Lake City, UT). 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 Leaders Life Insurance Company (Leaders Life) (Tulsa, OK). Concurrently, these Credit Ratings (ratings) have been placed under review with developing implications.

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 ICR of “bbb+” (Good) of Korea P&I Club (KP&I or the Club) (South Korea). The outlook of the FSR is stable.

AM Best will host a complimentary webinar, titled “Digital Forensics - Application and Considerations in Insurance and Litigation-Driven Investigations,” sponsored by S-E-A on June 3, 2025, at 2:00 p.m. (EDT). In this webinar, panelists will delve into real-world scenarios, share best practices for preserving and interpreting digital evidence and highlight how early forensic insight can shift the outcome of a case. Register now.

The Taiwan dollar has rallied against the U.S. dollar at an unprecedented pace over the past few days, which holds implications for domestic life insurers that have been allocating a large portion of their invested assets in foreign investments, mainly USD-denominated fixed income securities, according to an AM Best commentary.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Vietnam National Reinsurance Corporation (VINARE) (Vietnam). The outlook of 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 ICRs) of “a” (Excellent) of Aetna Life Insurance Company (ALIC) (Hartford, CT) and the other members of Aetna Health & Life Group, which are operating entities of Aetna Inc. (Aetna) and wholly owned subsidiaries of CVS Health Corporation (CVS Health) [NYSE: CVS]. (Please see below for a detailed listing of the companies.)

AM Best has revised the outlook to negative from stable for the Financial Strength Rating (FSR) and revised the outlook to negative from positive for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Mountain West Farm Bureau Mutual Insurance Company (Mountain West) (Laramie, WY).

AM Best is maintaining its stable outlook on Chile’s insurance industry, citing premium growth, sustained profitability and strengthened regulatory framework.

AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bb+” (Fair) of One Alliance Insurance Corporation (One Alliance) (San Juan, Puerto Rico). The outlook of these Credit Ratings (ratings) is positive.

The May issue of Best’s Review examines AI developments in the insurance industry:

AM Best’s Myles Gould, senior director, credit rating criteria research & analytics, will speak on a panel discussion during The Insurer's first-ever European MGA Summit, to be held 10-11 June, 2025, in Amsterdam.

AM Best’s Dawn Walker appears as a guest in an episode of the Vertafore® Insurance Podcast, which highlights leading trends in the insurance industry, to discuss growth in the delegated underwriting authority enterprise (DUAE) segment.

AM Best Director Steven Chirico will deliver a keynote speech at the Insurance Innovators USA Conference 2025, which is scheduled for May 19-20, 2025, in Nashville, TN.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of BF&M Life Insurance Company Limited, BF&M General Insurance Company Limited and Island Heritage Insurance Company, Ltd. (Island Heritage) (Cayman Islands). Concurrently, AM Best has removed from under review with developing implications and affirmed the Long-Term ICR of “bbb” (Good) of the parent company, BF&M Limited (BF&M) [BSX: BFM.BH]. 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 Rating (Long-Term ICR) of “a” (Excellent) of Hamilton Re, Ltd. (Pembroke, Bermuda) and Hamilton Insurance Designated Activity Company (Dublin, Ireland), each a wholly owned subsidiary of Hamilton Insurance Group, Ltd. (Pembroke, Bermuda) (collectively referred to as Hamilton). In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Hamilton Select Insurance Inc. (Hamilton Select) (Wilmington, DE). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Merchants Mutual Insurance Company and its wholly owned subsidiaries, Merchants National Insurance Company and Merchants Preferred Insurance Company. All companies are headquartered in Buffalo, NY and together form Merchants Insurance Group (the group).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of United Kingdom Mutual War Risks Association Limited (UK War Risks or the Association) (United Kingdom). 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 Associated Mutual Insurance Cooperative (Associated Mutual) (Woodridge, NY). The outlook of these Credit Ratings (rating) is stable. Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process.

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) of New Jersey Manufacturers Insurance Company, New Jersey Re-Insurance Company, New Jersey Indemnity Insurance Company and New Jersey Casualty Insurance Company, collectively referred to as NJM Insurance Group (NJM). The outlook of the FSR is stable. All companies are domiciled in West Trenton, NJ.

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

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Missouri Valley Mutual Insurance Company (MVMIC) (Burke, SD).

AM Best will be a sponsor and exhibitor at the annual NAIIA conference at The Sagamore Resort in Bolton Landing, NY, May 13-16, 2025. Visit AM Best at booth 7 to learn about Best's Insurance Professional Resources and for a chance to win a Bose speaker. Doug Doremus, associate director, business development, will be available to discuss the strategic value of becoming a qualified member of Best's Insurance Professional Resources. Qualified members receive:

Despite another year of elevated catastrophe losses, U.S. property/casualty (P/C) insurers generated high investment returns and were able to exceed their cost of capital in 2024, according to new AM Best report.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa” (Superior) of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NASDAQ: PFG] and collectively referred to as Principal. Concurrently, AM Best has affirmed the Long-Term ICRs of “a” (Excellent) of Principal Financial Services, Inc. and PFG, as well as the group’s Long-Term Issue Credit Ratings (Long-Term IRs). In addition, AM Best has affirmed the group’s Short-Term Issue Credit Rating (Short-Term IR). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the Long- and Short-Term IRs.) All companies are headquartered in Des Moines, IA.

AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “bbb” (Good) from “a-” (Excellent) of Oregon Mutual Insurance Company and Western Protectors Insurance Company, which are domiciled in McMinnville, OR and collectively referred to as Oregon Mutual Group. The outlooks assigned to 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 Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of SiriusPoint Ltd. (SiriusPoint) (Bermuda) [NYSE: SPNT]. Additionally, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of SiriusPoint, which is a non-operating holding company. (See below for a detailed listing of the companies and Credit Ratings [ratings]).

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Unity Financial Life Insurance Company (Unity) (Cincinnati, OH). In addition, AM Best has revised the outlook of the Long-Term ICR to stable from positive. The outlook of the FSR is stable.

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

AM Best has revised outlooks to stable from positive and affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the associated Long-Term Issue Credit Ratings (Long-Term IR) of Argo Group International Holdings, Inc. (Argo Group) (headquartered in New York, NY). In addition, AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of its operating subsidiaries. Concurrently, AM Best has revised the outlooks to stable from positive and affirmed the Long-Term ICR of “bbb-” (Good) and the Long-Term IRs of Argo Group US, Inc. (headquartered in New York, NY). (See below for a detailed listing of the companies and Credit Ratings [ratings].)

AM Best is maintaining its outlook for the insurance markets of the Gulf Cooperation Council (GCC) at stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Sagicor Reinsurance Bermuda Ltd. (SRBL) (Bermuda). In addition, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Sagicor Life Jamaica Limited (SLJ) (Kingston, Jamaica). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Egypt National Scale Rating (NSR) of aaa.EG (Exceptional) of Misr Insurance Company (MIC) (Egypt). The outlook of these Credit Ratings (ratings) is stable. MIC is the non-life insurance subsidiary of Misr Insurance Holding Company (MIHC).

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Egypt National Scale Rating (NSR) of aaa.EG (Exceptional) of Misr Life Insurance Company (MLIC) (Egypt). The outlook of these Credit Ratings (ratings) is stable. MLIC is the life insurance subsidiary of Misr Insurance Holding Company (MIHC).

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of “bb-” (Fair) of Suez Canal Insurance (SCI) (Egypt). Concurrently, AM Best has upgraded SCI’s Egypt National Scale Rating (NSR) to aa+.EG (Superior) from aa.EG (Superior).

AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bb+” (Fair) of Germania Farm Mutual Insurance Association and its subsidiaries: Germania Fire & Casualty Company, Germania Insurance Company and Germania Select Insurance Company. Collectively, these companies comprise Germania Mutual Group (Germania). Concurrently, AM Best has removed from under review with negative implications and affirmed the FSR of B (Fair) and the Long-Term ICR of “bb+” (Fair) of Germania Property & Casualty Insurance Company (GPC), a wholly owned subsidiary of Germania Farm Mutual Insurance Association. At the same time, AM Best has removed from under review with negative implications and affirmed the FSR of B (Fair) and the Long-Term ICR of “bb+” (Fair) of Germania Life Insurance Company (Germania Life). The outlook assigned to these Credit Ratings (ratings) is positive. All companies are domiciled in Brenham, TX.

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

AM Best data shows that nearly half of all U.S. states saw its highest single-year property catastrophe loss ratio in the last 10 years exceed its 10-year median loss ratio by more than 20 percentage points. While many of these states are prone to catastrophe losses, according to a new AM Best report, the rising frequency of secondary perils in states considered to be less-catastrophe prone have led insurers to ramp up reassessments of their pricing models, underwriting strategies and risk management approaches.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Interamericana de Fianzas y Seguros, S.A. (IFS) (Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B (Fair), the Long-Term Issuer Credit Rating of “bb+” (Fair) and the Mexico National Scale Rating of “a+.MX” (Excellent) of Momento Seguros, S.A. de C.V. (Momento) (Mexico). The outlook of these Credit Ratings (ratings) is stable.

AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Helvetia Schweizerische Versicherungsgesellschaft AG (Switzerland), the main operating subsidiary of Helvetia Holding AG (Helvetia) (Switzerland).

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale Rating of “aa-.MX” (Superior) of Armour Secure Insurance S.A. de C.V. (Armour) (Mexico City, Mexico).

AM Best will host a complimentary webinar, titled, “The Risks Right Now: Market Shifts Shaping U.S. Auto Insurance,” sponsored by LexisNexis Risk Solutions, on Wednesday, May 21, 2025, at 2:00 p.m. (EDT). Register today.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to The Tokio Marine and Nichido Fire Insurance Company (China) Limited (TMNCH) (China). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Shinkong Insurance Company Limited (Shinkong Insurance) (Taiwan). The outlook of the Long-Term ICR has been revised to stable from positive, whilst the outlook of the FSR is stable.

Insurers in the United Arab Emirates—and their international reinsurance partners—are waking up to the natural catastrophe exposures in the region after severe rains at the beginning of last year impacted full-year earnings, according to a new report 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 East Caribbean Reinsurance Company Limited (ECRC) (Anguilla). The outlook of these Credit Ratings (ratings) is positive.

AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Seguros El Potosí, S.A. (El Potosí) (San Luis Potosi, Mexico). 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 TDC Insurance Company Limited (TDCIC) (St. Kitts and Nevis). The outlook of these Credit Ratings (ratings) is stable.

AM Best will be a gold sponsor at the Society of Insurance Research (SIR) 2025 Annual Conference in Chicago, IL, May 4-6, 2025.

Premiums generated by non-admitted insurers that comprise the U.S. surplus lines market continue to increase, underscoring the potential growth opportunities being generated from market pressures in the property/casualty segment, according to a new report released by AM Best.

AM Best will participate in a panel discussion at the Casualty Actuarial Society’s (CAS) Spring Meeting, which will take place May 4-7, 2025, in Toronto.

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of the operating subsidiaries of The Fortegra Group, Inc. (Fortegra) (headquartered in Jacksonville, FL). Fortegra is a wholly owned subsidiary of its publicly traded parent company, Tiptree Inc. [NASDAQ: TIPT]. The property/casualty (P/C) operating subsidiaries of Fortegra include Lyndon Southern Insurance Company (Wilmington, DE); Insurance Company of the South (Athens, GA); Response Indemnity Company of California (Redondo Beach, CA); Blue Ridge Indemnity Company (Wilmington, DE); Fortegra Specialty Insurance Company (Scottsdale, AZ); and Fortegra Europe Insurance Company SE (Malta). These companies are collectively referred to as Fortegra P&C Group (the P/C group). The outlook of these Credit Ratings (ratings) is stable.

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 PrimeOne Insurance Company (Dallas, TX) (PrimeOne), a wholly own subsidiary of PrimeOne Insurance Group. The outlook of these Credit Ratings (ratings) has been revised to negative from stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of North End Re Ltd. (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings were released publicly with an effective date of April 16, 2025.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Knight Insurance Company Ltd. (Cayman Islands), KnightBrook Insurance Company, Knight Specialty Insurance Company (both of Wilmington, DE) and Guilderland Reinsurance Company (New York, NY). These companies collectively are referred to as Knight.