Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Revises Issuer Credit Rating Outlook to Negative for AVLA Seguros de Crédito y Garantía S.A.
February 5, 2021 GMT
MEXICO CITY (BUSINESS WIRE) Feb 5, 2021
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” of AVLA Seguros de Crédito y Garantía S.A. (AVLA) (Chile). The outlook of the FSR is stable.
The ratings reflect AVLA’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Withdraws Credit Ratings of Echelon Property & Casualty Insurance Company
February 5, 2021 GMT
AM Best has downgraded the Financial Strength Rating (FSR) to C (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “ccc” from “b-” of Echelon Property & Casualty Insurance Company (Echelon) (Chicago, IL). The outlook of the Credit Ratings (ratings) is negative. Concurrently, AM Best has withdrawn the ratings as the company has requested to no longer participate in the interactive rating process.
The ratings of Echelon reflect its balance sheet strength, which AM Best categorizes as very weak, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Withdraws Credit Ratings of First Assurance Life of America, Performance Life of America and Versant Life Insurance Company
February 4, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Feb 4, 2021
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of First Assurance Life of America, Performance Life of America and Versant Life Insurance Company. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Baton Rouge, LA. Concurrently, AM Best has withdrawn these ratings as the companies have requested to no longer participate in AM Best’s interactive rating process.
‘A-‘ Rating Assigned to Illinois Workers’ Comp Carrier Pekin Select Insurance February 3, 2021
The outlook is stable.
PSIC, which writes preferred workers’ compensation business, is a newly formed member of the Pekin Insurance Group, AM Best said. Pekin’s other subsidiaries include: Farmers Automobile Insurance Association (FAIA), a reciprocal exchange that was formed in 1921; Pekin Insurance Co. (PIC), a stock company founded in 1961 whose shares are wholly owned by FAIA; and Pekin Life Insurance Co. (PLIC).
Both FAIA and PIC offer a full array of personal and commercial property/casualty insurance products. Based in Illinois, the companies operate in more than 20 states.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Assigns Credit Ratings to Kuvare Life Re Ltd.
February 3, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Feb 3, 2021
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Kuvare Life Re Ltd. (Kuvare Re) (Bermuda). Kuvare Re is a subsidiary of Kuvare UK Holdings Limited. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Kuvare Re’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).