A.M. Best Upgrades Issuer Credit and Debt Ratings for the Members of The Navigators Group, Inc.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and upgraded the issuer credit ratings (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) to "a+" from "a" for Navigators Insurance Group (Navigators), which is comprised of Navigators Insurance Company and its wholly-owned subsidiary, NIC (1) (Network Interface Card) See network adapter. See also InterNIC. (2) (New Internet Computer) An earlier Linux-based computer from The New Internet Computer Company (NICC), Palo Alto, CA. Insurance Company. A.M. Best has also upgraded the ICR to "bbb+" from "bbb" for The Navigators Group, Inc. (Navigators) [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NAVG NAVG Navigation ]. Concurrently, A.M. Best has upgraded the debt ratings to "bbb+" from "bbb" on Navigators' $125 million of 7% senior unsecured notes, due 2016; to "bbb-" from "bb+" on preferred securities; to "bbb" from "bbb-" on subordinated notes; and to "bbb+" from "bbb" on senior unsecured notes under the shelf registration. All companies are domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY. The outlook for all ratings is stable. The ratings recognize Navigators' leading position as a global provider of insurance to the marine energy sector, its solid level of capitalization, management's conservative approach to underwriting and claims management and its improving level of profitability. These positive rating factors are somewhat offset by the group's rapid growth in relatively new lines of business in recent years and its somewhat elevated dependence on reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . Nevertheless, the financial flexibility and explicit support of the holding company is sufficient to offset these concerns. The financial leverage of the parent organization is a conservative 19% of debt-to-total tangible capital, with coverage ratios far exceeding A.M. Best's requirements for the current rating levels. The rating outlook anticipates continued strong earnings performance and strong capitalization. For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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