AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) of Gulf Insurance Group K.S.C.P. (GIG) and Gulf Insurance and Reinsurance Company K.S.C. (Closed) (GIG-Kuwait) from “a” (Excellent) to “a+” (Excellent), while affirming their Financial Strength Ratings of A…
AM Best has downgraded the Long-Term Issuer Credit Rating (ICR) of Shelter Mutual Insurance Company and its property/casualty (P/C) subsidiaries from “a+” (Excellent) to “a” (Excellent), while affirming their Financial Strength Rating (FSR) of A (Excellent). Shelter Life Insurance Company,…
AM Best has announced the appointment of James A. Gillard Jr. as the new president of A.M. Best Rating Services, Inc. (AMBRS), effective September 30, 2024. Gillard succeeds Matthew C. Mosher, who will retire as president and CEO of AMBRS…
Axis Insurance Managers Inc. (Axis Insurance) is pleased to announce the acquisition of Baker Insurance, a well-regarded property and casualty brokerage based in Calgary. This strategic acquisition bolsters Axis Insurance’s regional presence and enhances its ability to deliver expert risk…
Essent Group Ltd. (NYSE: ESNT) announced that its subsidiary, Essent Guaranty, Inc., has secured $363.4 million in fully collateralized excess of loss reinsurance coverage on mortgage insurance policies written between July 2023 and July 2024. The coverage was obtained from…
AM Best has reaffirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) for Ascot Bermuda Limited (Ascot Bermuda) and several members of the Ascot Insurance U.S. Group, collectively known…
AM Best has affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) for StarStone Insurance Bermuda Limited (SIBL) and StarStone Insurance SE (SISE). Both ratings carry a stable outlook. These ratings reflect…
AM Best has reaffirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (ICR) of “bbb” (Good) for Sura Re Ltd. (Sura Re), based in Bermuda. The outlook for these credit ratings is stable. The…
AM Best has upgraded its outlook for Taiwan’s non-life insurance sector from negative to stable, pointing to a resurgence in capital strength among insurers in 2023 after significant pandemic-related losses the previous year. “Insurers have taken steps to review their…
AM Best has reaffirmed Jupiter Insurance Limited’s Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a” (Excellent). Jupiter Insurance, a captive insurer for BP p.l.c., has a stable outlook for these ratings. The ratings reflect Jupiter’s…
AM Best has affirmed Ecclesiastical Insurance Office plc’s (EIO) Financial Strength Rating of A (Excellent) and its Long-Term Issuer Credit Rating of “a” (Excellent). Additionally, the agency has confirmed a Long-Term Issue Credit Rating of “bbb” (Good) on the GBP…
The U.S. workers’ compensation segment continues to outperform all other lines of business in the property/casualty (P/C) industry, driven by ongoing declines in loss frequency and favorable reserve development, according to a new report from AM Best. The Best’s Market…
