Latest news with #'sPerformanceAssessments
Business Wire
a day ago
- Business
- Business Wire
AM Best Comments on Credit Ratings of Erie Insurance Group and Erie Family Life Insurance Company
BUSINESS WIRE)-- AM Best has commented that the Credit Ratings (ratings) of the property/casualty (P/C) members of Erie Insurance Group (Erie) and Erie Family Life Insurance Company (EFL) remain unchanged following the organization's announcement that it sustained an information security event, which has resulted in a widespread network outage impacting Erie's systems. On June 11, 2025, Erie filed a form 8-K, which is in accordance with the U.S. Securities and Exchange Commission requirements, providing details on the cybersecurity incident. The Form 8-K discloses Erie identified unusual network activity beginning on June 7, 2025, and took immediate action to respond to the situation. AM Best notes that the organization is engaging third-party service providers to undertake a comprehensive forensic analysis, which is currently ongoing, to understand the full scope, nature and impact to the organization. To support operations, the organization has activated its business continuity plan, including interim solutions that enable employees to carry out essential functions while system restoration efforts are underway. While the situation remains fluid and continues to evolve, AM Best will continue to monitor the cyber event for any signs that the incident may impair the company's operational capabilities, harm its reputation or market position, or prompt a reassessment of its enterprise risk management capabilities, which is currently viewed as appropriate. 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.
Yahoo
04-06-2025
- Business
- Yahoo
AM Best Comments on Credit Ratings of Southern Vanguard Insurance Company and Members of Stonetrust Insurance Group Following Wintaai America Inc.'s Announced Acquisition
OLDWICK, N.J., June 03, 2025--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Southern Vanguard Insurance Company (Southern Vanguard) (Austin, TX) and the members of Stonetrust Insurance Group (Stonetrust) (Baton Rouge, LA) remain unchanged following the May 27, 2025, announcement that Wintaai America Inc. (Wintaai), Stonetrust's holding company, will be acquiring Southern Vanguard, subject to regulatory approval. The members of Stonetrust have a Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) with positive outlooks. Southern Vanguard has an FSR of A- (Excellent) and a Long-Term ICR of "a-" (Excellent) with stable outlooks. Wintaai owns 99.94% of Stonetrust and the remaining is owned by various employees. Wintaai will own 100% of Southern Vanguard following conclusion of the transaction, which is pending regulatory approval and expected to close by July 2025. Aside from the transaction cost, Wintaai will also add capital to Southern Vanguard as a post-close contribution. AM Best does not expect the transaction to have any material change to either the rating unit's rating fundamentals or business operations. AM Best will continue to evaluate each of these organizations independently while monitoring the progress and the effects of this transaction over time. Mike Dileo will remain president and chief executive officer of Stonetrust and Cory Moulton will remain president and chief executive officer of Southern Vanguard. Prospectively, the companies will continue to operate independently under common ownership. Stonetrust will maintain its headquarters in Baton Rouge, LA, and Southern Vanguard will maintain its headquarters in Austin, TX. The members of Stonetrust are Stonetrust Commercial Insurance Company and Stonetrust Premier Casualty Insurance Company. Southern Vanguard is a single entity. 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. 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 Phinthip Dezuzio Senior Financial Analyst +1 908 882 1736 Christophe Draghi Director +1 908 882 1749 Richard Attanasio Senior Director +1 908 882 1638 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
AM Best Comments on Credit Ratings of Southern Vanguard Insurance Company and Members of Stonetrust Insurance Group Following Wintaai America Inc.'s Announced Acquisition
OLDWICK, N.J., June 03, 2025--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Southern Vanguard Insurance Company (Southern Vanguard) (Austin, TX) and the members of Stonetrust Insurance Group (Stonetrust) (Baton Rouge, LA) remain unchanged following the May 27, 2025, announcement that Wintaai America Inc. (Wintaai), Stonetrust's holding company, will be acquiring Southern Vanguard, subject to regulatory approval. The members of Stonetrust have a Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) with positive outlooks. Southern Vanguard has an FSR of A- (Excellent) and a Long-Term ICR of "a-" (Excellent) with stable outlooks. Wintaai owns 99.94% of Stonetrust and the remaining is owned by various employees. Wintaai will own 100% of Southern Vanguard following conclusion of the transaction, which is pending regulatory approval and expected to close by July 2025. Aside from the transaction cost, Wintaai will also add capital to Southern Vanguard as a post-close contribution. AM Best does not expect the transaction to have any material change to either the rating unit's rating fundamentals or business operations. AM Best will continue to evaluate each of these organizations independently while monitoring the progress and the effects of this transaction over time. Mike Dileo will remain president and chief executive officer of Stonetrust and Cory Moulton will remain president and chief executive officer of Southern Vanguard. Prospectively, the companies will continue to operate independently under common ownership. Stonetrust will maintain its headquarters in Baton Rouge, LA, and Southern Vanguard will maintain its headquarters in Austin, TX. The members of Stonetrust are Stonetrust Commercial Insurance Company and Stonetrust Premier Casualty Insurance Company. Southern Vanguard is a single entity. 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. 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 Phinthip Dezuzio Senior Financial Analyst +1 908 882 1736 Christophe Draghi Director +1 908 882 1749 Richard Attanasio Senior Director +1 908 882 1638 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Sign in to access your portfolio
Yahoo
30-05-2025
- Business
- Yahoo
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications 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. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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. 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 Paul Frost Senior Financial Analyst +1 908 882 1768 Bridget Maehr Director +1 908 882 2080 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Yahoo
30-05-2025
- Business
- Yahoo
AM Best Places Credit Ratings of Insurance Corporation of Barbados Limited Under Review With Developing Implications
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications 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. These Credit Ratings (ratings) actions are due to delays in AM Best receiving audited financial statements from ICBL for year-end 2023. The company has provided unaudited statements for 2023, and internal management reports for the balance sheet and income statement for 2024, as well as first-quarter 2025. ICBL continues to have ongoing communication with its auditors and expects audited financial statements for 2023, to be available by the end of second-quarter 2025. The process for the 2024 audited financial statements will begin once the 2023 audited financials are completed. These delays have resulted from the conversion to IFRS 17 accounting standards. The ratings will remain under review until audited financials are received and analysis are completed. 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. 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 Paul Frost Senior Financial Analyst +1 908 882 1768 Bridget Maehr Director +1 908 882 2080 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
