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Best's Credit Rating Actions.

This edition lists all Credit Rating actions that occurred between June 1 and June 30, 2019. For the Credit Rating of any company rated by AM Best and basic company information, visit the AM Best website at www.ambest.com/ratings/access.html or download the ratings app at www.ambest.com/sales/ambmobileapp.

BEST'S FINANCIAL STRENGTH RATING GUIDE--(FSR)

A Best's Financial Strength Rating (FSR) is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In addition, an FSR may be displayed with a rating identifier, modifier or affiliation code that denotes a unique aspect of the opinion.
Best's Financial Strength Rating (FSR) Scale

Rating       Rating    Rating        Category Definitions
Categories   Symbols   Notches (*)

Superior     A+        A++           Assigned to insurance companies
                                     that have, in our opinion, a
                                     superior ability to meet their
                                     ongoing insurance obligations.
Excellent    A         A-            Assigned to insurance companies
                                     that have, in our opinion, an
                                     excellent ability to meet their
                                     ongoing insurance obligations.
Good         B+        B++           Assigned to insurance companies
                                     that have, in our opinion, a good
                                     ability to meet their ongoing
                                     insurance obligations.
Fair         B         B-            Assigned to insurance companies
                                     that have, in our opinion, a fair
                                     ability to meet their ongoing
                                     insurance obligations. Financial
                                     strength is vulnerable
                                     to adverse changes in underwriting
                                     and economic conditions.
Marginal     C+        C++           Assigned to insurance companies
                                     that have, in our opinion, a
                                     marginal ability to meet their
                                     ongoing insurance obligations.
                                     Financial strength is vulnerable to
                                     adverse changes in underwriting and
                                     economic conditions.
Weak         C         C-            Assigned to insurance companies
                                     that have, in our opinion, a weak
                                     ability to meet their ongoing
                                     insurance obligations. Financial
                                     strength is very vulnerable to
                                     adverse changes in underwriting and
                                     economic conditions.
Poor         D                       Assigned to insurance companies
                                     that have, in our opinion, a poor
                                     ability to meet their ongoing
                                     insurance obligations. Financial
                                     strength is extremely vulnerable to
                                     adverse changes in underwriting and
                                     economic conditions.

(*) Each Best's Financial Strength Rating Category from "A+" to "C"
includes a Rating Notch to reflect a gradation of financial strength
within the category. A Rating Notch is expressed with either a second
plus "+" or a minus "-"

Financial Strength Non-Rating Designations

Designation   Designation Definitions
Symbols

E             Status assigned to insurers that are publicly placed, via
              court order into conservation or rehabilitation, or the
              international equivalent, or in the absence of a court
              order, clear regulatory action has been taken to delay or
              otherwise limit policyholder payments.
F             Status assigned to insurers that are publicly placed via
              court order into liquidation after a finding of
              insolvency, or the international equivalent.
S             Status assigned to rated insurance companies to suspend
              the outstanding FSR when sudden and significant events
              impact operations and rating implications cannot be
              evaluated due to a lack of timely or adequate information;
              or in cases where continued maintenance of the previously
              published rating opinion is in violation of evolving
              regulatory requirements.
NR            Status assigned to insurance companies that are not rated;
              may include previously rated insurance companies or
              insurance companies that have never been rated by AM Best.


Rating Disclosure--Use and Limitations

A Best's Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer's, issuer's or financial obligation's relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, business profile and enterprise risk management or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an "as is" basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AM Best.

Financial Size Category

To enhance the usefulness of ratings, AM Best assigns each rated (A++ through D) insurance company a Financial Size Category (FSC). The FSC is based on adjusted policyholders' surplus (PHS) in U.S. dollars and may be impacted by foreign currency fluctuations. The FSC is designed to provide a convenient indicator of the size of a company in terms of its statutory surplus and related accounts.

Many insurance buyers only want to consider buying insurance coverage from companies that they believe have sufficient financial capacity to provide the necessary policy limits to insure their risks. Although companies utilize reinsurance to reduce their net retention on the policy limits they underwrite, many buyers still feel more comfortable buying from companies perceived to have greater financial capacity.
Class   Adj. PHS ($ Millions)

   I       Less than 1
  II         1 to 2
 III         2 to 5
  IV         5 to 10
   V        10 to 25
  VI        25 to 50
 VII        50 to 100
VIII       100 to 250
  IX       250 to 500
   X       500 to 750
  XI       750 to 1,000
 XII     1,000 to 1,250
XIII     1,250 to 1,500
 XIV     1,500 to 2,000
  XV     2,000 or greater


A Best's Issuer Credit Rating (ICR) is an independent opinion of an entity's ability to meet its ongoing financial obligations and can be issued on either a long- or short-term basis. A long-term ICR is an opinion of an entity's ability to meet its ongoing senior financial obligations, while a short-term ICR is an opinion of an entity's ability to meet its ongoing financial obligations with original maturities generally less than one year. An ICR is an opinion regarding the relative future credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any other risk. In addition, an ICR is not a recommendation to buy, sell or hold any securities, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. An ICR may be displayed with a rating identifier or modifier that denotes a unique aspect of the opinion.
Best's Long-Term Issuer Credit Rating (ICR) Scale

Rating        Rating    Rating        Category
Categories    Symbols   Notches (*)   Definitions

Exceptional   aaa                     Assigned to entities that have, in
                                      our opinion, an exceptional
                                      ability to meet their ongoing
                                      senior financial obligations.
Superior      aa        aa+ / aa-     Assigned to entities that have, in
                                      our opinion, a superior ability to
                                      meet their ongoing senior
                                      financial obligations.
Excellent     a         a+ / a-       Assigned to entities that have, in
                                      our opinion, an excellent ability
                                      to meet their ongoing senior
                                      financial obligations.
Good          bbb       bbb+ / bbb-   Assigned to entities that have, in
                                      our opinion, a good ability to
                                      meet their ongoing senior
                                      financial obligations.
Fair          bb        bb+ / bb-     Assigned to entities that have, in
                                      our opinion, a fair ability to
                                      meet their ongoing senior
                                      financial obligations. Credit
                                      quality is vulnerable to adverse
                                      changes in industry and economic
                                      conditions.
Marginal      b         b+ / b-       Assigned to entities that have, in
                                      our opinion, a marginal ability to
                                      meet their ongoing senior
                                      financial obligations. Credit
                                      quality is vulnerable to adverse
                                      changes in industry and economic
                                      conditions.
Weak          ccc       ccc+ / ccc-   Assigned to entities that have, in
                                      our opinion, a weak ability to
                                      meet their ongoing senior
                                      financial obligations. Credit
                                      quality is vulnerable to adverse
                                      changes in industry and economic
                                      conditions.
Very Weak     cc                      Assigned to entities that have, in
                                      our opinion, a very weak ability
                                      to meet their ongoing senior
                                      financial obligations. Credit
                                      quality is very vulnerable to
                                      adverse changes in industry and
                                      economic conditions.
Poor          c                       Assigned to entities that have, in
                                      our opinion, a poor ability to
                                      meet their ongoing senior
                                      financial obligations. Credit
                                      quality is extremely vulnerable
                                      to adverse changes in industry and
                                      economic conditions.

(*) Best's Long-Term Issuer Credit Rating Categories from "aa" to "ccc"
include Rating Notches to reflect a gradation within the category to
indicate whether credit quality is near the top or bottom of a
particular Rating Category. Rating Notches are expressed with a "+"
(plus) or "-" (minus).

Best's Short-Term Issuer Credit Rating (ICR) Scale

Rating         Rating    Category
Categories     Symbols   Definitions

Strongest      AMB-1 +   Assigned to entities that have, in our opinion,
                         the strongest ability to repay their short-term
                         financial obligations.
Outstanding    AMB-1     Assigned to entities that have, in our opinion,
                         an outstanding ability to repay their
                         short-term financial obligations.
Satisfactory   AMB-2     Assigned to entities that have, in our opinion,
                         a satisfactory ability to repay their
                         short-term financial obligations.
Adequate       AMB-3     Assigned to entities that have, in our opinion,
                         an adequate ability to repay their short-term
                         financial obligations; however, adverse
                         industry or economic conditions likely will
                         reduce their capacity to meet their financial
                         commitments.
Questionable   AMB-4     Assigned to entities that have, in our opinion,
                         questionable credit quality and are vulnerable
                         to adverse economic or other external changes,
                         which could have a marked impact on their
                         ability to meet their financial commitments.

Long- and Short-Term Issuer Credit Non-Rating Designations

Designation   Designation
Symbols       Definitions

d             Status assigned to entities (excluding insurers) that are
              in default or when a bankruptcy petition or similar action
              has been filed and made public.
e             Status assigned to insurers that are publicly placed, via
              court order into conservation or rehabilitation, or the
              international equivalent, or in the absence of a court
              order, clear regulatory action has been taken to delay or
              otherwise limit policyholder payments.
f             Status assigned to insurers that are publicly placed via
              court order into liquidation after a finding of
              insolvency, or the international equivalent.
s             Status assigned to rated entities to suspend the
              outstanding ICR when sudden and significant events impact
              operations and rating implications cannot be evaluated due
              to a lack of timely or adequate information; or in cases
              where continued maintenance of the previously published
              rating opinion is in violation of evolving regulatory
              requirements.
nr            Status assigned to entities that are not rated; may
              include previously rated entities or entities that have
              never been rated by AM Best.


Rating Disclosure: Use and Limitations

A Best's Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer's, issuer's or financial obligation's relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, business profile and enterprise risk management or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an "as is" basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AM Best.
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Title Annotation:Rating Actions
Publication:Best's Review
Date:Aug 1, 2019
Words:2376
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