AM Best Withdraws Credit Ratings of Tugu Insurance Company Limited
HONG KONG--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) of Tugu Insurance Company Limited (TIC) (Hong Kong). At the time of the withdrawal, the outlook of these Credit Ratings (ratings) is stable.
The rating withdrawals follow TIC's request due to its strategic decision to discontinue its participation in AM Best's interactive rating process.
AM Best's procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, in this case, a final rating opinion could not be provided due to a lack of sufficient updated financial information and business plans necessary to support such an assessment.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
3 hours ago
- Business Wire
Best's Review Examines How FAIR Plans Are Finding Competitive Foothold
OLDWICK, N.J.--(BUSINESS WIRE)--In its June issue, Best's Review reports on how insurers, without the rate adequacy they need to sustain their books, are exiting high-risk areas and leaving consumers with few remaining options. Many homeowners have had to turn to the residual market because of a decline in availability of coverage, even though FAIR Plan policies may cost more than private insurance in the voluntary market and may offer less coverage. Read the article here. Best's Review is AM Best 's monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best's Review is available here. For Best's Review advertising opportunities and a complete media kit, visit AM Best Advertising Services. Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Yahoo
3 hours ago
- Yahoo
Best's Market Segment Report: 2024 Pricing Cuts in U.S. Cyber Generated First-Ever Reduction in Direct Premiums Written
OLDWICK, N.J., June 23, 2025--(BUSINESS WIRE)--Premiums generated from cyber insurance coverage declined by 2.3% to slightly less than $7.1 billion in 2024 compared with a year earlier, marking the first ever decrease in the segment since the data was first collected in 2015, according to a new AM Best report. Despite the drop in premium, the loss ratio for the U.S. cyber segment remained below the 50% mark in 2024, suggesting that the line of coverage is still profitable for those who choose to underwrite the risk. According to the report, the decrease in premiums is driven more by pricing changes than any changes in exposure. "When premium grew during the hard market cycle, the growth significantly outpaced the pricing increases, indicating that demand for cyber insurance was increasing as well," said Christopher Graham, senior industry analyst, AM Best. "Considering that the premium decrease is close to the pricing decrease, that would indicate that the demand for cyber insurance is steady." However, the report also notes that some large organizations may be shifting their cyber exposure to their own single-parent captive insurers. Such organizations that have a favorable loss experience find it beneficial to maintain the premium under the parent company's structure and typically don't file the related cyber data reports with the National Association of Insurance Commissioners. Among the report's other highlights: Much of the new capacity during the hard market came from surplus lines writers. Those carriers have held—and marginally increased—their market share even as the total premium slightly contracted; Surplus lines paper remains the prime spot for complicated cyber risks, and this is evident through the split among primary, excess, and endorsement coverage. While surplus lines writers benefited from the hard market pricing of 2020-2022, that benefit seems to have now worn off. When new writers enter the market during a hard market cycle, those writers get the benefit of the stronger pricing without having to pay the legacy losses. AM Best has maintained a stable outlook on the global cyber insurance segment, citing a cautious level of underwriting in a dynamic risk environment. To access the full copy of the Best's Market Segment Report on U.S. cyber insurance, please visit AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christopher Graham Senior Industry Analyst +1 908 882 1807 Fred Eslami Associate Director +1 908 882 1759 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
3 hours ago
- Business Wire
Best's Market Segment Report: 2024 Pricing Cuts in U.S. Cyber Generated First-Ever Reduction in Direct Premiums Written
BUSINESS WIRE)--Premiums generated from cyber insurance coverage declined by 2.3% to slightly less than $7.1 billion in 2024 compared with a year earlier, marking the first ever decrease in the segment since the data was first collected in 2015, according to a new AM Best report. Despite the drop in premium, the loss ratio for the U.S. cyber segment remained below the 50% mark in 2024, suggesting that the line of coverage is still profitable for those who choose to underwrite the risk. According to the report, the decrease in premiums is driven more by pricing changes than any changes in exposure. 'When premium grew during the hard market cycle, the growth significantly outpaced the pricing increases, indicating that demand for cyber insurance was increasing as well,' said Christopher Graham, senior industry analyst, AM Best. 'Considering that the premium decrease is close to the pricing decrease, that would indicate that the demand for cyber insurance is steady.' However, the report also notes that some large organizations may be shifting their cyber exposure to their own single-parent captive insurers. Such organizations that have a favorable loss experience find it beneficial to maintain the premium under the parent company's structure and typically don't file the related cyber data reports with the National Association of Insurance Commissioners. Among the report's other highlights: Much of the new capacity during the hard market came from surplus lines writers. Those carriers have held—and marginally increased—their market share even as the total premium slightly contracted; Surplus lines paper remains the prime spot for complicated cyber risks, and this is evident through the split among primary, excess, and endorsement coverage. While surplus lines writers benefited from the hard market pricing of 2020-2022, that benefit seems to have now worn off. When new writers enter the market during a hard market cycle, those writers get the benefit of the stronger pricing without having to pay the legacy losses. AM Best has maintained a stable outlook on the global cyber insurance segment, citing a cautious level of underwriting in a dynamic risk environment. To access the full copy of the Best's Market Segment Report on U.S. cyber insurance, please visit
