Latest news with #Best'sPreliminaryCreditAssessments
Yahoo
20 hours ago
- Business
- Yahoo
AM Best Upgrades Issuer Credit Rating of Daily Underwriters of America
OLDWICK, N.J., June 20, 2025--(BUSINESS WIRE)--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 Daily Underwriters of America (DUOA) (Carlisle, PA). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR is stable. The Credit Ratings (ratings) reflect DUOA's balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, limited business profile and appropriate enterprise risk management. DUOA's underwriting results and overall operating performance metrics continue to outperform the industry and its peers by wide margins, despite the inherent challenges of operating as an insurer specializing in commercial transportation. The very strong operating performance reflects the company's adherence to stringent underwriting guidelines, driving organic surplus growth that strengthens risk-based capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The balance sheet strength benefits from consistently favorable loss reserve development with minimal volatility despite the exposure of its lines to potential litigation and social inflation. The limited business profile reflects DUOA's mono-line underwriting in commercial auto liability with a concentrated source of business from a long-standing managing general agency relationship that has provided excellent selection for DUOA's business. The average agency tenure among DUOA's top five agencies is 20 years. The stable outlooks are based on AM Best's expectation that DUOA's balance sheet strength will be maintained at the strongest level and its operating performance will continue to support an assessment of very strong. Negative rating action could occur if the balance sheet strength assessment is impacted negatively by significant declines in surplus or if the company's risk-adjusted capitalization materially decreases. Positive rating action could occur in the medium term if the company's balance sheet strength continues to reflect the strongest level of risk-based capitalization with organic surplus growth, very low retention to surplus exposure, and favorable reserve development relative to similarly assessed peers. 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 Steven DeLosa Steven Financial Analyst +1 908 882 2114 Daniel Teclaw Director +1 908 882 2390 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
21 hours ago
- Business
- Business Wire
AM Best Withdraws Credit Ratings of ConnectiCare, Inc.
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has withdrawn the Financial Strength Rating of C (Weak) and the Long-Term Issuer Credit Rating of 'ccc' (Weak) of ConnectiCare, Inc. (Farmington, CT). At the time of the withdrawal, these Credit Ratings were under review with developing implications. The rating withdrawals reflect AM Best's lack of active participation with ConnectiCare, Inc. or its new ownership. 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 strategy for this entity post-acquisition. 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
Yahoo
a day ago
- Business
- Yahoo
AM Best Upgrades Credit Ratings of MS Transverse Specialty Insurance Company, MS Transverse Insurance Company and TRM Specialty Insurance Company
OLDWICK, N.J., June 20, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings to "aa" (Superior) from "a+" (Excellent) of MS Transverse Specialty Insurance Company, MS Transverse Insurance Company and TRM Specialty Insurance Company, collectively referred to as MS Transverse Insurance Group (MS Transverse). The outlook of these Credit Ratings (ratings) is stable. These companies are domiciled in Dallas, TX, and are now part of MSIG Holdings (U.S.A.), Inc., a U.S. subsidiary of Mitsui Sumitomo Insurance Company, Limited (MSI). The ratings reflect the consolidated balance sheet strength of MSI, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The upgrade reflects the assignment of full rating enhancement to MS Transverse due to the increased level of support by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD), and its lead insurance entity, MSI. The ratings of MSI are being extended to MS Transverse given the implicit and explicit support provided by MSI. MS Transverse is regarded as strategically important to the group's strategy and is viewed as one of its main sources of growth in the U.S. market. MS Transverse has advanced its position in the U.S. managing general agent market and is now among the top five fronting carriers based on direct premiums written. MS Transverse was acquired in early 2023 to expand MSI's U.S. operations into the rapidly growing fronting market. Since the acquisition, MSI's support to MS Transverse has included a full unconditional guarantee, participation in the reinsurance panel and the willingness to provide additional capital support if required. MS Transverse's management team has a direct reporting line into MSI and shares services with other U.S. affiliates of MSI. MS Transverse's profitability grew materially in 2024 and through the first quarter of 2025, making it a significant earnings contributor to the parent. MSI remains committed to supporting MS Transverse's growth. 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 Joni Cerbone Senior Financial Analyst +1 908 882 1690 Doniella Pliss Director +1 908 882 2245 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
a day ago
- Business
- Business Wire
AM Best Upgrades Credit Ratings of MS Transverse Specialty Insurance Company, MS Transverse Insurance Company and TRM Specialty Insurance Company
BUSINESS WIRE)-- AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings to 'aa' (Superior) from 'a+' (Excellent) of MS Transverse Specialty Insurance Company, MS Transverse Insurance Company and TRM Specialty Insurance Company, collectively referred to as MS Transverse Insurance Group (MS Transverse). The outlook of these Credit Ratings (ratings) is stable. These companies are domiciled in Dallas, TX, and are now part of MSIG Holdings (U.S.A.), Inc., a U.S. subsidiary of Mitsui Sumitomo Insurance Company, Limited (MSI). The ratings reflect the consolidated balance sheet strength of MSI, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The upgrade reflects the assignment of full rating enhancement to MS Transverse due to the increased level of support by its ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD), and its lead insurance entity, MSI. The ratings of MSI are being extended to MS Transverse given the implicit and explicit support provided by MSI. MS Transverse is regarded as strategically important to the group's strategy and is viewed as one of its main sources of growth in the U.S. market. MS Transverse has advanced its position in the U.S. managing general agent market and is now among the top five fronting carriers based on direct premiums written. MS Transverse was acquired in early 2023 to expand MSI's U.S. operations into the rapidly growing fronting market. Since the acquisition, MSI's support to MS Transverse has included a full unconditional guarantee, participation in the reinsurance panel and the willingness to provide additional capital support if required. MS Transverse's management team has a direct reporting line into MSI and shares services with other U.S. affiliates of MSI. MS Transverse's profitability grew materially in 2024 and through the first quarter of 2025, making it a significant earnings contributor to the parent. MSI remains committed to supporting MS Transverse's growth. 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.
Business Wire
a day ago
- Business
- Business Wire
AM Best Upgrades Issuer Credit Rating of Daily Underwriters of America
BUSINESS WIRE)-- 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 Daily Underwriters of America (DUOA) (Carlisle, PA). The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR is stable. The Credit Ratings (ratings) reflect DUOA's balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, limited business profile and appropriate enterprise risk management. DUOA's underwriting results and overall operating performance metrics continue to outperform the industry and its peers by wide margins, despite the inherent challenges of operating as an insurer specializing in commercial transportation. The very strong operating performance reflects the company's adherence to stringent underwriting guidelines, driving organic surplus growth that strengthens risk-based capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The balance sheet strength benefits from consistently favorable loss reserve development with minimal volatility despite the exposure of its lines to potential litigation and social inflation. The limited business profile reflects DUOA's mono-line underwriting in commercial auto liability with a concentrated source of business from a long-standing managing general agency relationship that has provided excellent selection for DUOA's business. The average agency tenure among DUOA's top five agencies is 20 years. The stable outlooks are based on AM Best's expectation that DUOA's balance sheet strength will be maintained at the strongest level and its operating performance will continue to support an assessment of very strong. Negative rating action could occur if the balance sheet strength assessment is impacted negatively by significant declines in surplus or if the company's risk-adjusted capitalization materially decreases. Positive rating action could occur in the medium term if the company's balance sheet strength continues to reflect the strongest level of risk-based capitalization with organic surplus growth, very low retention to surplus exposure, and favorable reserve development relative to similarly assessed peers. 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.
