A.M. Best Upgrades Ratings of American Agri-Business Insurance Company: Removes From Under Review.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) to A- (Excellent) from B++ (Good) and issuer credit rating (ICR) to "a-" from "bbb" of American Agri-Business Insurance Company (AA-BIC AA-BIC American Agri-Business Insurance Company ) (Lubbock, TX). The ratings have been removed from under review with positive implications and assigned a stable outlook. The ratings reflect AA-BIC's strong capitalization and 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. arrangements, as well as management's extensive experience with the federally subsidized multiple peril crop insurance (MPCI MPCI Multiple Peril Crop Insurance MPCI Mouvement Patriotique de Côte D’ Ivoire (Patriotic Movement of the Ivory Coast) MPCI Mobile Protocol Capability Indicator MPCI Multi-Point Courtesy Inspection MPCI Mini Pci MPCI Managing Partners Confidence Index ) program. Additionally, the ratings recognize the financial flexibility and overall support provided to the company by its owner, Endurance US Holdings Corporation (Endurance), a subsidiary of Endurance Specialty Holdings Ltd. (Bermuda) (NYSE NYSE See: New York Stock Exchange :ENH), a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . Somewhat offsetting these positive rating factors are the high utilization of reinsurance, resulting in an elevated leverage of ceded premiums and losses to surplus. This subjects AA-BIC to above average dependence on reinsurance; however, this is somewhat mitigated by the fact that the majority of AA-BIC's non-governmental reinsurance capacity is provided by Endurance. For current Best's Ratings, independent data and analysis on more than 330 reinsurance companies, please visit www.ambest.com/reinsurance. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion