A.M. Best Upgrades Several Companies Based on a Review of the Application of its Country Risk Methodology.OLDWICK, N.J. -- A.M. Best Co. has upgraded the ratings of several companies (see complete list below) following a review of the application of its country risk methodology within the rating process. As part of the rating process, A.M. Best evaluates, in a global context, the risks and rewards for an insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. operating within a particular country using A.M. Best's country risk methodology. A.M. Best's country risk analysis is used to determine how country-specific factors outside an insurer's control might affect its ability to meet ongoing financial obligations to policyholders or debt holders. Factors might include local accounting rules, government policies and regulation, economic growth and social stability. The result of this evaluation is a classification of each country into one of five tiers, "Tier I" to "Tier V." A.M. Best's country risk tier is ultimately factored into each insurer's rating. A.M. Best's country risk tier assessments are not changing; however, A.M. Best has modified the impact the country risk tier has on financial strength ratings (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 provide a more equitable equitable adj. 1) just, based on fairness and not legal technicalities. 2) refers to positive remedies (orders to do something, not money damages) employed by the courts to solve disputes or give relief. (See: equity) EQUITABLE. weighting of country-specific factors across all tiers. The modifications were made to eliminate an unexpected bias in the application of the methodology, which primarily affected companies operating within Tiers II through IV. This revised application of the country risk tiers In addition, A.M. Best has upgraded the FSRs and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. 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. ) of the companies noted below to reflect its modified approach. The capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. , operating results and business profile of these companies have otherwise not materially changed since their last full rating review. A.M. Best has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the FSR of B++ (Good) and upgraded the ICR to "bbb+" from "bbb" of Alliance International 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. Public Company Limited (Cyprus). The outlook for the FSR has been revised to positive from stable, and the outlook for the ICR remains positive. A.M. Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the ICR to "a-" from "bbb" of Alliance Insurance (PSC (Public Service Commission) Same as PUC. ) (United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. ). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the ICR to "a-" from "bbb+" of B.E.S.T. Reinsurance (Tunisia). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to B++ (Good) from B+ (Good) and the ICR to "bbb+" from "bbb-" of Life Insurance Corporation (International) B.S.C. (C) (Bahrain). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to B++ (Good) from B+ (Good) and the ICR to "bbb" from "bbb-" of Milli Reasurans Turk Anonim Sirketi (Turkey) The outlook for the FSR has been revised to stable from positive, and the outlook for the ICR remains positive. A.M. Best has upgraded the FSR to B++ (Good) from B+ (Good) and the ICR to "bbb+" from "bbb-"of National Life & General Insurance Company SAOC SAOC Studies in Ancient Oriental Civilization SAOC Sunbeam Alpine Owners Club (UK) SAOC Sector Air Operations Center SAOC South African Orchid Council SAOC Submariners Association Of Canada (Gloucester, ON, Canada) (Oman). The outlook for both ratings remains stable. A.M. Best has affirmed the FSR of B++ (Good) and upgraded the ICR to "bbb+" from "bbb" of Qatar General Insurance and Reinsurance Company (S.A.Q.) (Qatar). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the ICR to "a-" from "bbb+" of Salama Islamic Arab Insurance Company (P.S.C.) (United Arab Emirates). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to B (Fair) from B- (Fair) and the ICR to "bb+" from "bb-"of Scandinavia Insurance Company Limited Liability Company (Russia). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to B- (Fair) from C++ (Marginal) and the ICR to "bb-" from "b+" of Transsiberian Reinsurance Corporation OJSC OJSC Open Joint Stock Company (Russia). The outlook for both ratings remains stable. A.M. Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the ICR to "a-" from "bbb+" of Trust International Insurance Co. B.S.C. (C) Bahrain (Bahrain). The outlook for both ratings remains stable. 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. |
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