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MEXICO CITY, September 21, 2023--AM Best has affirmed the Financial Strength Rating of A+ (Superior), the Long-Term Issuer Credit Rating of "aa-" (Superior) and the Mexico National Scale Rating of "aaa.MX" (Exceptional) of Sompo Seguros Mexico, S.A. de C.V. (Sompo Mexico) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.
OLDWICK, N.J., September 15, 2023--AM Best has revised the outlooks to stable from positive 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" (Good) of Georgia Farm Bureau Mutual Insurance Company and Georgia Farm Bureau Casualty Insurance Company, collectively referred to as the Georgia Farm Bureau Group (Georgia Farm Bureau). Both companies are domiciled in Macon, GA. The outlook of the FSR is st
HONG KONG, September 15, 2023--AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb" (Good) of Hotai Insurance Co., Ltd. (Hotai Insurance) (Taiwan). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive.
LONDON, September 15, 2023--The devastating earthquake that struck Morocco on 8 September 2023 affected an area with low insurance penetration. However, a new commentary from AM Best notes that a parametric insurance arrangement covering part of Morocco’s National Catastrophic Event Coverage Scheme is expected to be triggered and could result in a maximum payout of MAD 2,750 million (approximately USD 270 million).
HONG KONG, September 11, 2023--Despite a sharp increase in catastrophe losses outside their home markets and a challenging investment environment, major Asia-Pacific reinsurance companies still managed to deliver strong year-over-year net premium growth of 8.1% in 2022, according to a new AM Best report.