AM Best Assigns ‘A’ Rating to Nebraska’s Summit Specialty Insurance January 15, 2021
The outlook assigned to these ratings is stable.
SSIC is a newly formed member of ReAlign Insurance Group (ReAlign).
The ratings reflect SSIC’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.
The ratings reflect the addition of SSIC to the group’s intercompany reinsurance pooling agreement, as well as SSIC’s strategic importance to ReAlign. SSIC will write excess & surplus lines business.
The ratings also reflect the execution risk associated with the intercompany pooling agreement and onboarding any new program business that SSIC will underwrite.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Affirms Credit Ratings of Nippon Life Insurance Company and Its Subsidiary
January 15, 2021 GMT
HONG KONG (BUSINESS WIRE) Jan 15, 2021
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” of Nippon Life Insurance Company (Nissay) (Japan). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Nippon Life Insurance Company of America (dba Nippon Life Benefits or NLB) (West Des Moines, Iowa, USA). The outlook of these Credit Ratings (ratings) is stable.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Places Credit Ratings of Members of Bankers Insurance Group Under Review with Negative Implications
January 14, 2021 GMT
AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of the members of Bankers Insurance Group (Bankers), which includes Bankers Insurance Company (St. Petersburg, FL) and its property/casualty subsidiaries, Bankers Specialty Insurance Company (Metairie, LA) and First Community Insurance Company (St. Petersburg, FL).
The under review with negative implications status follows AM Best’s latest review of Bankers, which reported material surplus deterioration primarily driven by a number of weather events in the second half of 2020. The erosion of capital had a negative impact on risk-adjusted capitalization, as measured by Best’s Capital Ade
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Affirms Credit Ratings of Park Assurance Company
January 14, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 14, 2021
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Park Assurance Company (Park) (Colchester, VT). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Park’s balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
Park’s strongest risk-adjusted capital position reflects its conservative loss reserving practices and favorable development trends, along with its conservative investment portfolio and strong liquidity measures. Park is well-capitalized through retained earnings, as the captive has reported consistently favorable pure loss ratios in combi