AM Best has affirmed the Financial Strength Ratings (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" of Sagicor Life Inc. (St. Michael, Barbados) and Sagicor Life Insurance Company (Austin, TX). Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of "bbb+" of Sagicor Life Jamaica Limited (Kingston, Jamaica). In addition, AM Best has affirmed the Long Term ICR of "bbb-" of the ultimate parent, Sagicor Financial Company Ltd. (Bermuda) and the Long-Term Issue Credit Rating of "bbb" on the USD 320 million, 8.875% senior unsecured bonds that mature in 2022 of Sagicor Finance (2015) Limited (Cayman Islands). The outlook of these...
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Submitted by San Juan Island Fire & Rescue San Juan Island Fire and Rescue announced receiving notification by the Washington State Rating Bureau of a significant change to their evaluation of San Juan Island’s property underwriting and rating information for the insurance industry following its re-rating review that occurs approximately every 5 years. WSRB issued the updated rating: The WSRB rating for San Juan Island (outside of Friday Harbor) has been reduced from a Fire Protection Classification 7 to a Fire Protection Classification 6. The WSRB rating for the Town of Friday Harbor remains at a Fire Protection Classification of 6. As a private, for-profit company, WSRB does not...
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February 21, 2020 11:51 AM Central Standard Time OLDWICK, N.J--( BUSINESS WIRE )--AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of United Life Insurance Company (ULIC) (Cedar Rapids, IA). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings of ULIC reflect its 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 (ERM). The ratings are reflective of the strongest level of risk-adjusted capitalization, capital and...
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A.M. Best affirmed American Family Insurance’s ‘A’ (Excellent) financial strength rating, the third highest of their 15 ratings, for the 18 year in a row. It also affirmed the company’s issuer credit rating of ‘a+’ for the third year in a row. For the first time, the company was assessed an innovation score, resulting in an innovation rating of “Significant” (the third of five ratings). The innovation rating acknowledges the company’s commitment to a culture that promotes innovative ideas and solutions to improve processes, workflows and overall business results. The financial strength rating includes American Family, The General,...
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AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Ratings of "bb" of American Federated Insurance Company (AFIC) and American Federated Life Insurance Company (AFLIC). The outlook of these Credit Ratings (ratings) is stable. Both companies are known collectively as American Federated Insurance Companies and are domiciled in Flowood, MS. The ratings of AFIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings also reflect drag from the parent holding company, First Tower Finance Company LLC (...
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Hit hard by the coronavirus pandemic, the life insurance sector witnessed an 18.6 per cent drop in the first year premium to Rs 49,335 crore in the April-June quarter of the current financial year, according to a report by CARE Ratings. The overall sum assured also declined 12.9 per cent to Rs 8.8 lakh crore in the June 2020 quarter, compared with Rs 10 lakh crore (which was an increase of 17.6 per cent) in the corresponding period of the previous year. The sector had seen their first-year premium declines of 32.6 per cent and 27.9 per cent in April 2020 and May 2020, respectively, the report said adding that the June 2020 quarter figures are indicative that the sector is moving towards...
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INDIANAPOLIS, May 5, 2020 /PRNewswire/ -- AM Best Rating Service, Inc. has affirmed the Financial Strength Ratings (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" for Renaissance Life...
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Insurance Company Independent Financial Ratings Guide There are independent firms who provide ratings for life and health insurance companies we use. These independent firms include A.M. Best Company, Standard and Poor’s, Moody’s and Duff & Phelps among others. These independent ratings reflect the opinions of the rating agencies and are not implied warranties of the insurer’s ability to met contractual obligations. A.M. Best Ratings represent an independent opinion from a provider of insurer ratings of a company’s financial strength and ability to meet its obligations to policyholders. Standard & Poor’s Claims-paying ability rating is an opinion of an operating insurance company’s...
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Many people shop for life insurance based on the amount of coverage they want and the cost of the monthly premium they will pay. But an important element to consider when shopping around is the financial strength ratings of a life insurance company. After all, life insurance coverage is a legal contract between you and the insurance company. You want to be sure that the company you’re entrusting to protect your family is financially strong and will be around to pay the full value of your coverage to your beneficiary when you’re gone. Rating agencies – why should I trust these sources? Insurance companies are rated by independent agencies, which assess and report on the current financial...
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QUEBEC CITY, Sept. 19, 2019 /CNW Telbec/ - SSQ Insurance is very pleased with the decision by A.M. Best Co. to upgrade the credit ratings for SSQ, Life Insurance Company Inc. The international rating agency specializing in insurance upgraded the insurer's rating for financial strength from "A-" to "A (excellent)." The issuer credit rating has also been increased to "a." The outlook attributed to both ratings is stable. "We are very proud of the ratings we've received from A.M. Best following its rigorous review. The upgrades confirm the relevance of the company's transformation initiated in 2016, which has enabled us to improve our operational efficiency. The results, which are based on...
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