AM Best Affirms Credit Ratings of Kuwait Insurance Company S.A.K.P.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Kuwait Insurance Company S.A.K.P. (KIC) (Kuwait). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect KIC s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
KIC s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best s Capital Adequacy Ratio (BCAR). Further support to the balance sheet strength assessment stems from KIC s consistent internal capital generation and prudent reserving. Offsetting factors include KIC s high dependence on reinsurance, although the associated counterparty risk is partially mitigated by the use of a reinsurance panel of strong credit quality. In addition,
AM Best Removes from Under Review with Developing Implications and Affirms Credit Ratings of SiriusPoint Ltd and Its Rated Subsidiaries
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Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Withdraws Credit Ratings of Church Life Insurance Corporation
February 26, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Feb 26, 2021
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Church Life Insurance Corporation (Church Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect Church Life’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited 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 Affirms Credit Ratings of Assurant Daños México, S.A. and Assurant Vida México, S.A.
February 25, 2021 GMT
MEXICO CITY (BUSINESS WIRE) Feb 25, 2021
AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” and the Mexico National Scale Rating of “aaa.MX” of Assurant Daños México, S.A. (ADM) and (AVM). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Mexico City, Mexico.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Assigns Issue Credit Rating to Fairfax Financial Holdings Limited’s Senior Unsecured Notes
February 25, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Feb 25, 2021
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb” to the recently announced CAD 850 million, 3.95% senior unsecured notes, due March 2031, of Fairfax Financial Holdings Limited’s (Fairfax) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.
Fairfax intends to use the net proceeds of the offering to fund the redemption of its 5.84% senior unsecured notes, due 2022, and 4.50% senior unsecured notes, due 2023. Any remaining balance of the net proceeds will be used to refinance or repay outstanding debt or other corporate obligations of Fairfax and its subsidiaries and for general corporate purposes.
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