AM Best Upgrades Issuer Credit Rating of PURE Specialty Exchange
2024年6月19日 - 5:38AM
ビジネスワイヤ(英語)
AM Best has upgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and
affirmed the Financial Strength Rating (FSR) of A (Excellent) of
PURE Specialty Exchange (Scottsdale, AZ). Concurrently, AM Best has
affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+”
(Excellent) of Privilege Underwriters Reciprocal Exchange (Fort
Lauderdale, FL). The outlook of these Credit Ratings (ratings) is
stable. These insurance entities comprise PURE Insurance Group.
The ratings reflect PURE Insurance Group’s balance sheet
strength, which AM Best assesses as strong, as well as its marginal
operating performance, neutral business profile and appropriate
enterprise risk management.
The strong balance sheet assessment reflects PURE Insurance
Group’s very strong risk-adjusted capitalization, as measured by
Best’s Capital Adequacy Ratio (BCAR), and AM Best expects the
group’s risk-adjusted capitalization to remain in the very strong
category. Additional positive assessment factors include financial
flexibility, high quality assets, and a conservative investment
portfolio. Partially offsetting these positive factors are the
group’s exposure to catastrophe losses, its reliance on
reinsurance, and a capital structure that is comprised mostly of
surplus notes.
Finally, the ratings consider implicit and explicit support
provided by Tokio Marine Holdings, Inc. (TMHD), and its lead
insurance operating company, Tokio Marine & Nichido Fire
Insurance Co., Ltd. (TMNF). TMNF’s support of PURE Insurance Group
aligns with TMHD’s strategy of expanding its international business
through acquisition in developed and emerging markets, in addition
to providing diversification of revenues and customer segments.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240618156506/en/
Thomas Keelan Financial Analyst +1 908 882 1925
thomas.keelan@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Edin Imsirovic Director +1 908 882 1903
edin.imsirovic@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com