AM Best Assigns Credit Ratings to 1842 Insurance Company
AM Best Assigns Credit Ratings to 1842 Insurance Company
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of a to 1842 Insurance Company (1842) (Bel Air, MD). The outlook assigned to these Credit Ratings (ratings) is stable. 1842 is a newly formed member of Harford Mutual Insurance Group (Harford). The ratings reflect 1842s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Recently, management underwent a reorganization of Harford into a mutual holding company structure, and 1842 was added to the group. With the addition of 1842, management decided to terminate an existing pooling agreement between two existing members and implement a 100% quota share reinsurance contract between all group members. 1842 will cede 100% of all writing and
AM Best Affirms Credit Ratings of Continental Reinsurance Plc
AM Best Affirms Credit Ratings of Continental Reinsurance Plc
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of bbb- of Continental Reinsurance Plc (CRe) (Nigeria), the operating holding company of the Continental Re group of companies.
The outlook of these Credit Ratings (ratings) is stable. The ratings reflect CRes balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management. CRes balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Bests Capital Adequacy Ratio (BCAR). CRe benefits from a supportive investor base, which has subscribed new capital to fund growth and meet increasing regulatory capital requirements over recent years. CRe has significant exposure to the high levels o
AM Best Assigns Issue Credit Rating to Ascot Group Limited’s Senior Unsecured Notes
AM Best Assigns Issue Credit Rating to Ascot Group Limited’s Senior Unsecured Notes
AM Best has assigned a Long-Term Issue Credit Rating of bbb to the USD 400 million, 4.25% fixed rate senior unsecured notes due 2030, issued by Ascot Group Limited (AGL) (Bermuda) on 15 December 2020. The outlook assigned to this Credit Rating (rating) is positive. AGL intends to downstream the proceeds to its U.S. insurance operating subsidiaries “ Ascot Insurance Company and Ascot Specialty Insurance Company. The proceeds will provide additional capital and support the growth of these operations, allowing them to benefit from favourable insurance market conditions.
AM Best Assigns Credit Ratings to Mandal Daatgal JSC
AM Best Assigns Credit Ratings to Mandal Daatgal JSC
AM Best has assigned a Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of bb+ to Mandal Daatgal JSC (Mandal) (Mongolia). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Mandals balance sheet strength, which AM Best categorises as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM). Mandals strong balance sheet strength assessment is underpinned by its strongest level of risk-adjusted capitalisation, as measured by Bests Capital Adequacy Ratio (BCAR), albeit the absolute size of its capital and surplus (C&S) remains small. Mandal was the first insurance company to be listed on the Mongolia stock exchange through an initial public offering in 2018. The companys C&S grew by 160% in 2018, supported by both the capital raised from its IP
AM Best Affirms Credit Ratings of Accelerant Insurance Limited
AM Best Affirms Credit Ratings of Accelerant Insurance Limited
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Accelerant Insurance Limited (Malta). The company is a wholly owned subsidiary of Accelerant Holdings (Accelerant) (Cayman Islands), the non-operating holding company of the Accelerant group. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect the strategic importance of Accelerant Insurance Limited to the Accelerant group, along with Accelerants consolidated balance sheet strength, which AM Best categorises as very strong, as well as the groups adequate operating performance, limited business profile and appropriate enterprise risk management.