Latest news with #Guide
Yahoo
9 hours 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
Business Wire
10 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
Business Wire
12 hours 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
13 hours 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
3 days ago
- Business
- Business Wire
AM Best Upgrades Credit Ratings of Protector Forsikring ASA
AMSTERDAM--(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 Protector Forsikring ASA (Protector) (Norway). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Protector's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The rating upgrades reflect the positive trend in operating performance over recent years, which has been underpinned by the company's efforts to adjust premiums, control expenses and enhance earnings in the different markets in which it operates. The company's strong operating performance was demonstrated in 2024 by a combined ratio of 87.4% (net/net IFRS 17) and a return-on-equity ratio of 30.9%, as calculated by AM Best. Protector's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), was at the strongest level at year-end 2024. AM Best expects this ratio to be maintained at least at the very strong level prospectively with retained earnings anticipated to continue supporting the company's growth plans. The balance sheet strength assessment also benefits from a good liquidity profile and prudent reserving practices. A partially offsetting factor is the company's moderate reinsurance dependence, although the associated risk is mitigated somewhat by a well-diversified panel of reinsurance counterparties of good credit quality. Additionally, Protector's relatively high allocation to equities and non-rated bonds expose it to elevated investment risk, which increases the potential for volatility in risk-adjusted capitalisation. Established in 2004, Protector benefits from its relatively strong foothold and expertise in Norway's commercial and public insurance sector, supported by established positions in other Nordic markets. The company has grown rapidly in recent years, in particular due to its expansion in the United Kingdom. In 2025, the company additionally began operations in France. The expansion in new markets has improved the geographical diversification of the portfolio; however, AM Best notes that it brings with it execution risk, and developments in new markets will be closely monitored by AM Best. 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 specialising 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
