Latest news with #Guideto
Yahoo
2 days 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
2 days 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
3 days 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.
Business Wire
4 days ago
- Business
- Business Wire
AM Best Downgrades Credit Ratings of Indiana Farmers Insurance Group's Members
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings to 'a-' (Excellent) from 'a' (Excellent) of Indiana Farmers Mutual Insurance Company and Indiana Farmers Indemnity Insurance Company. These companies are collectively referred to as Indiana Farmers Insurance Group (Indiana Farmers) and are domiciled in Indianapolis, IN. The outlook of these Credit Ratings (ratings) has been revised to stable from negative. The ratings reflect Indiana Farmers' balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM). The rating downgrades reflect a change in the group's operating performance assessment due to three consecutive years of deterioration in underwriting performance as a result of significant weather-related losses. As a result, the group has now posted a net loss in three consecutive years, driving total return-on-revenue and total return-on-equity ratios negative in the respective three years with combined and operating ratios above breakeven in each of these years as well. As a result, each respective metric now compares unfavorably with composite averages on both a five- and 10-year average basis. The stable outlooks reflect Indiana Farmers' balance sheet assessment of very strong, supported by risk-adjusted capitalization at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), consistently favorable reserve development and low common stock leverage. In addition, the group has implemented a slew of underwriting actions and rate activity to help combat the decline in results. Accordingly, it is anticipated that operating metrics will stabilize and remain well-aligned with the marginal assessment. AM Best assesses Indiana Farmers' business profile as neutral due to its market position and diversity of products offered in its primary state of Indiana. AM Best assesses Indiana Farmers' ERM as appropriate supported by a developed risk framework and formalized risk appetite and tolerance statements. 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
4 days ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Calais Reciprocal Insurance Exchange
BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of 'a-' (Excellent) to Calais Reciprocal Insurance Exchange (CIE) (Springfield, IL). Concurrently, AM Best has assigned a Long-Term Issue Credit Rating of 'bbb' (Good) to the $85 million, 7% surplus notes, due May 2040, and the $15 million, 7.0% surplus notes, due May 2040 issued by CIE. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect CIE's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The very strong balance sheet strength assessment reflects CIE's strongest level of projected risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and reasonable business plan, which includes conservative reserving and investment strategies, along with a comprehensive reinsurance program comprised of a diverse panel of highly rated reinsurers. Partially offsetting these strengths is CIE's high financial leverage due to the initial capitalization via surplus notes and its exposure to catastrophe losses. AM Best assesses CIE's operating performance as adequate based on its projections. CIE is expected to benefit from the full breadth of AmRisc Group's (AmRisc) operational experience. AmRisc will manage all underwriting and core operations of the exchange via a service agreement with the exchange's attorney-in-fact manager. AM Best views CIE's business profile as neutral given AmRisc's extensive experience in coastal property underwriting. CIE will serve the property catastrophe market and write excess and surplus (E&S) business nationwide. The E&S book will include general property, difference in conditions/earthquake, builder's risk, national accounts and technical risks, all written through AmRisc's unique syndicated capacity model. While there is execution risk in implementing the business plan, it is tempered by the demonstrated track record and available resources provided by AmRisc. CIE will benefit from the established ERM program in place at AmRisc and CRC Insurance Group, LLC (CRC Group) . ERM will be conducted at the enterprise level, managed by CRC Group, and cascade down to CIE. As is customary, AM Best will closely monitor CIE's actual results relative to its plan. 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.
