AM Best Removes From Under Review With Positive Implications and Upgrades Issuer Credit Rating of American Surety Company
2024年7月3日 - 10:52PM
ビジネスワイヤ(英語)
AM Best has removed from under review with positive
implications and upgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the
Financial Strength Rating of B++ (Good) of American Surety Company
(ASC) (Indianapolis, IN). The outlook assigned to these Credit
Ratings (ratings) is positive.
The ratings reflect ASC’s balance sheet strength, which AM Best
assesses as very strong, as well as its marginal operating
performance, limited business profile and appropriate enterprise
risk management.
The upgrade of the Long-Term ICR reflects the enhanced implicit
support provided to ASC as a part of Core Specialty Insurance
Holdings, Inc. (Core Specialty). ASC’s financial size is
anticipated to increase substantially due to organization
restructuring of Core Specialty post-acquisition, which will result
in much higher affiliated investment levels. Additionally, it is
anticipated that Core Specialty would provide financial support in
the event ASC was in need.
The positive outlooks reflect the potential for realignment of
the operating performance building block once prospective business
plans are finalized and the expense structure under the new
organization begins to take place. The outlooks are anticipated to
be short term, with potential to be resolved within 12 months.
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.
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Dan Hofmeister, CFA, FRM, CAIA, CPCU Associate Director +1
908 882 1893 dan.hofmeister@ambest.com
Steven M. Chirico, CPA Director +1 908 882 1694
steven.chirico@ambest.com
Christopher Sharkey Associate Director, Public Relations +1
908 882 2310 christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1 908 882
2318 al.slavin@ambest.com