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AM Best Places Credit Ratings of SafePort Insurance Company Under Review With Developing Implications

Retrieved on: 
Friday, April 12, 2024
Other Professional Services, Professional Services, Insurance, News, Credit, AM Best, ALL

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 SafePort Insurance Company (SafePort) (Sarasota, FL).

Key Points: 
  • 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 SafePort Insurance Company (SafePort) (Sarasota, FL).
  • The Credit Ratings (ratings) of SafePort have been place under review with developing implications following the April 9, 2024, announcement that GeoVera Insurance Holdings, Ltd. will combine its insurance operations with SafePort.
  • Upon completion of the transaction, newly formed GeoVera Novo Holdings, Inc. will control four insurance subsidiaries: GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company.
  • The ratings will remain under review pending the close of the transaction and until AM Best can fully review the post-transaction details.

AM Best Places Credit Ratings of ShelterPoint Insurance Company and ShelterPoint Life Insurance Company Under Review With Positive Implications

Retrieved on: 
Friday, April 12, 2024
Banking, Professional Services, Insurance, Finance, Dai, News, SPL, Credit, Credit rating, AM Best, SPI, Protective Life, Acquisition, ALL, FSR

AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of ShelterPoint Insurance Company (SPI) (West Palm Beach, FL) and ShelterPoint Life Insurance Company (SPL) (Garden City, NY).

Key Points: 
  • AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of ShelterPoint Insurance Company (SPI) (West Palm Beach, FL) and ShelterPoint Life Insurance Company (SPL) (Garden City, NY).
  • This Credit Rating (rating) action follows the announcement that Protective Life Corporation (Protective Life), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. [TSE: 8750] and its primary life insurance subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., the holding company of ShelterPoint Life.
  • The under review with positive implications status reflects the expected benefits ShelterPoint Life will receive from joining Protective Life and the greater financial strength of the organization.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Affirms Credit Ratings of Halyk-Life, JSC

Retrieved on: 
Friday, April 12, 2024
Insurance, Professional Services, Halyk Bank, News, Policy, Credit, AM Best, JSC, Good, ALL

The outlook of these Credit Ratings (ratings) is stable.

Key Points: 
  • The outlook of these Credit Ratings (ratings) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

AM Best Upgrades Credit Ratings of Armour Secure Insurance S.A. de C.V.

Retrieved on: 
Friday, April 12, 2024
Finance, Consumer, Professional Services, Hispanic, Insurance, NSR, News, Credit, AM Best, Superior, Communication, ERM, Good, ALL, Risk management

The outlook of these Credit Rating (ratings) has been revised to stable from positive.

Key Points: 
  • The outlook of these Credit Rating (ratings) has been revised to stable from positive.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best to Participate in Panel Discussions at InsurTech Hartford Symposium 2024

Retrieved on: 
Friday, April 12, 2024
Professional Services, Insurance, Finance, EDT, News, AI, Data, AM Best, Artificial intelligence, Habit, Risk management, Mohegan Sun, ALL

Manyem is the head of AM Best’s industry research team and oversees publishing of the company’s perspectives on topical issues.

Key Points: 
  • Manyem is the head of AM Best’s industry research team and oversees publishing of the company’s perspectives on topical issues.
  • The panel discussion will take place on Thursday, April 18, at 11:35 a.m. (EDT).
  • The symposium is hosted by InsurTech Hartford.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Affirms Credit Ratings of Victoria Insurance Company JSC

Retrieved on: 
Thursday, April 11, 2024
Professional Services, Insurance, Finance, News, KZT, Credit, Earthquake, GWP, AM Best, Environment, Good, ALL, Growth, Reinsurance

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).

Key Points: 
  • 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).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

AM Best Affirms Credit Ratings of Seguros El Potosí, S.A.

Retrieved on: 
Thursday, April 11, 2024
Professional Services, Insurance, Finance, NSR, News, Credit, AM Best, ERM, ALL

The outlook of these Credit Ratings (ratings) is stable.

Key Points: 
  • The outlook of these Credit Ratings (ratings) is stable.
  • The very strong assessment also recognizes the conservative profile of El Potosí’s investment portfolio and concentration in Mexico fixed income securities.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Downgrades Credit Ratings of Brotherhood Mutual Insurance Company

Retrieved on: 
Thursday, April 11, 2024
Professional Services, Insurance, Finance, News, Erosion, Credit, CMP, AM Best, Wind, Pressure, ERM, Brotherhood Mutual Insurance Company, Good, ALL, FSR, Risk management

AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Brotherhood Mutual Insurance Company (Brotherhood) (Fort Wayne, IN).

Key Points: 
  • AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Brotherhood Mutual Insurance Company (Brotherhood) (Fort Wayne, IN).
  • The Credit Ratings (ratings) reflect Brotherhood’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of Southern Trust Insurance Company

Retrieved on: 
Thursday, April 11, 2024
Insurance, Professional Services, Weather, News, Credit, AM Best, Traction, Risk management, Pressure, ALL, Arbor

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Southern Trust Insurance Company (Southern Trust) (Macon, GA).

Key Points: 
  • AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Southern Trust Insurance Company (Southern Trust) (Macon, GA).
  • Southern Trust’s ratings were initially placed under review with developing implications on June 28, 2023, following the announcement that it signed a share and interest purchase agreement with Arbour National (Arbour).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Revises Outlooks to Negative for Members of Auto Club Group; Affirms Credit Ratings of Auto Club Florida Group’s Members

Retrieved on: 
Thursday, April 11, 2024
Professional Services, Insurance, Finance, News, ACG, Credit, ACIA, AM Best, Parent, ERM, Car club, ALL, Calendar, Growth, FSR

Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Auto Club Insurance Company of Florida (ACICF) and Auto Club South Insurance Company (ACSIC).

Key Points: 
  • Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Auto Club Insurance Company of Florida (ACICF) and Auto Club South Insurance Company (ACSIC).
  • Together these companies form Auto Club Florida Group (Auto Club Florida) (both are domiciled in Tampa, FL).
  • The outlook of these Credit Ratings (ratings) is negative.
  • The ratings of Auto Club Florida also consider AM Best’s assessment of the financial support afforded by its ownership group.