Latest news with #CreditAssessments
Yahoo
2 days ago
- Business
- Yahoo
AM Best Comments on Credit Ratings of Erie Insurance Group and Erie Family Life Insurance Company
OLDWICK, N.J., June 20, 2025--(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. 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 Cristian Sieira Senior Financial Analyst +1 908 882 2315 Michael Venezia Senior Financial Analyst +1 908 882 2414 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
11-06-2025
- Business
- Yahoo
AM Best Upgrades Credit Ratings of Forge Insurance Company
OLDWICK, N.J., June 11, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb+" (Good) of Forge Insurance Company (Forge) (Bethesda, MD). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Forge's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The rating upgrades reflect Forge's continuing improvement in its operating results since its strategic pivot in 2022 to focus on expanding into lower-risk small business segment of the commercial auto business. Forge reported loss ratios that were much lower than its commercial auto peers in 2022 - 2024. Expense ratios, which currently remain elevated, have decreased considerably from prior years, and are projected to decrease further in the coming years as Forge ramps up its premium writings while benefiting from scale and past investment in distribution and technology. The share of small business in Forge's business mix has increased significantly in policy count and premium volume in recent years. The stable outlooks reflect AM Best's expectation that Forge will continue to execute its strategic plans with manageable deviations and the company's underwriting and overall results will continue to improve and stabilize as its business mix gradually moves toward lower-risk vehicle classes in more favorable geographic locations. Further, AM Best expects the company will maintain balance sheet strength in the very strong range over the intermediate term. 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 Jieqiu Fan Associate Director +1 908 882 1762 Sharon Marks Director +1 908 882 2092 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
11-06-2025
- Business
- Yahoo
AM Best Upgrades Credit Ratings of Forge Insurance Company
OLDWICK, N.J., June 11, 2025--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb+" (Good) of Forge Insurance Company (Forge) (Bethesda, MD). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Forge's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The rating upgrades reflect Forge's continuing improvement in its operating results since its strategic pivot in 2022 to focus on expanding into lower-risk small business segment of the commercial auto business. Forge reported loss ratios that were much lower than its commercial auto peers in 2022 - 2024. Expense ratios, which currently remain elevated, have decreased considerably from prior years, and are projected to decrease further in the coming years as Forge ramps up its premium writings while benefiting from scale and past investment in distribution and technology. The share of small business in Forge's business mix has increased significantly in policy count and premium volume in recent years. The stable outlooks reflect AM Best's expectation that Forge will continue to execute its strategic plans with manageable deviations and the company's underwriting and overall results will continue to improve and stabilize as its business mix gradually moves toward lower-risk vehicle classes in more favorable geographic locations. Further, AM Best expects the company will maintain balance sheet strength in the very strong range over the intermediate term. 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 Jieqiu Fan Associate Director +1 908 882 1762 Sharon Marks Director +1 908 882 2092 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
Business Wire
03-06-2025
- Business
- Business Wire
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.--(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
Yahoo
30-05-2025
- Business
- Yahoo
AM Best Assigns Issue Credit Rating to The Northwestern Mutual Life Insurance Company's New Surplus Notes
OLDWICK, N.J., May 30, 2025--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of "aa" (Superior) to the $1 billion, 6.17% surplus notes, due 2055, issued by The Northwestern Mutual Life Insurance Company (Northwestern Mutual) (Milwaukee, WI). The outlook assigned to this Credit Rating (rating) is stable. The proceeds from the surplus notes offering will be used for general corporate purposes. The newly issued surplus notes will remain subordinated to policyowner liabilities. Financial leverage and interest coverage are expected to remain within AM Best's guidelines for the assigned rating. The existing ratings of Northwestern Mutual continue to reflect its balance sheet strength, which AM Best assesses as strongest, as well as its very strong operating performance, very favorable business profile and very strong enterprise risk management. 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 Kevin Varvaro Senior Financial Analyst +1 908 882 2410 Michael Porcelli Senior Director +1 908 882 2250 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
