Articles from AM Best

AM Best has placed under review with positive implications the Financial Strength Rating of A+ (Superior), the Long-Term Issuer Credit Rating of “aa-” (Superior) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Sompo Seguros Mexico, S.A. de C.V. (Sompo Mexico) (Mexico City, Mexico).

AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Sompo Japan Insurance Inc. (SJ) (Japan) and its subsidiaries. Concurrently, AM Best has placed under review with positive implications the Long-Term ICR of “a-” (Excellent) of Sompo International Holdings Ltd. (SIH) (Pembroke, Bermuda). In addition, AM Best has placed under review with positive implications the Long-Term Issue Credit Rating of “a-” (Excellent) on $335 million 7% senior unsecured notes due by 2034, which is guaranteed by SIH.

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of ‘a-’ (Excellent) of SanlamAllianz Re Ltd (SAZ Re) (Mauritius).

AM Best has placed under review with positive implications the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Austin, TX) and Aspen Specialty Insurance Company (ASIC) (Bismarck, ND). Concurrently, AM Best has placed under review with positive implications the Long-Term ICR of “bbb” (Good) of Aspen Insurance Holdings Limited (Aspen) (Bermuda), a non-operating holding company, along with the Long-Term Issue Credit Ratings (Long-Term IR) on the preference shares of Aspen and the indicative Long-Term IRs under the company’s universal shelf registration. (Please see below for a detailed listing of the Long-Term IRs.)

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of INPEX Insurance, Ltd. (IIL) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) of Premia Reinsurance Ltd. (Premia Re) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Macau Insurance Company Limited (MIC) (Macau). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of The Toa Reinsurance Company, Limited (Toa Re) (Japan) and its subsidiaries, The Toa Reinsurance Company of America (TRA) (Wilmington, Delaware, USA) and The Toa 21st Century Reinsurance Company, Ltd. (TRE) (Switzerland). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the members of Allstate Insurance Group (Allstate) [NYSE: ALL]. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of the ASMI Auto Group members. AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of First Colonial Insurance Company (FCIC) (Jacksonville, FL).

AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” (Excellent) from “a” (Excellent) and the Long and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of UnitedHealth Group Incorporated (UnitedHealth Group) (Minnetonka, MN) [NYSE: UNH]. Concurrently AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term ICRs to “a+” (Excellent) from “aa-” (Superior) of the health and dental insurance subsidiaries of UnitedHealth Group, collectively referred to as UnitedHealthcare. The outlook of these Credit Ratings (ratings) has been revised to stable from negative. (See link below for a detailed listing of the companies and ratings.)

AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings to “a-” (Excellent) from “bbb+” (Good) of Reaseguradora Delta, S.A. (Delta Panama) (Panama City, Panama) and Reaseguradora Delta, C.A. (Delta Venezuela) (Caracas, Venezuela). The outlooks of these Credit Ratings (ratings) have been revised to stable from positive.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of Highmark Inc. (Highmark) (headquartered in Pittsburgh, PA) and its life/health (L/H) subsidiaries, collectively known as Highmark Inc. Group. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Highmark’s dental subsidiaries, which operate under the United Concordia brand name. Lastly, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) of Highmark’s existing senior unsecured notes. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and the Long-Term IR.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the operating subsidiaries of AXIS Capital Holdings Limited (Pembroke, Bermuda), collectively referred to as AXIS. Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the indicative Long-Term Issue Credit Ratings (Long-Term IR) of AXIS Capital Holdings Limited. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of subsidiaries and indicative Long-Term IRs.)

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued USD 500 million, 5.5% senior unsecured notes due 2035, issued by The Hanover Insurance Group, Inc. (The Hanover) (headquartered in Worcester, MA) [NYSE: THG]. The outlook assigned to this Credit Rating (rating) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Eureka-Re SCC (Eureka) (Barbados). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Lloyd’s Syndicate 33 (Syndicate 33) (United Kingdom), which is managed by Hiscox Syndicates Ltd. The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “aa-” (Superior) from “a+” (Excellent) of the members of Crum & Forster Insurance Group (C&F). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Monitor Life Insurance Company of New York (Monitor Life) (New York, NY). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)

AM Best has released its revised criteria procedure “Rating Captives and Other Alternative Risk Transfer Entities,” (formerly known as “Alternative Risk Transfer”) which is effective immediately.

Flourishing annuity sales, using reinsurance as a capital management strategy and rising competition from new market entrants continue to drive activity in the global life/annuity reinsurance segment, according to a new AM Best report.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Gleaner Life Insurance Society (Gleaner) (Adrian, MI). The outlooks assigned to these Credit Ratings (ratings) is stable.

AM Best will deliver a presentation at the Reinsurance Association of America’s (RAA) “Re Underwriting 2025: The Art and Science of Reinsurance Underwriting – Fundamentals and Current Issues,” event, which will take place Sept. 4-5, 2025, in New York, NY, at The Westin Grand Central Hotel.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Allianz Ayudhya General Insurance Public Company Limited (AAGI) (Thailand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to PASHA Insurance OJSC (PASHA Insurance) (Azerbaijan). The outlook assigned to these Credit Ratings (ratings) is stable. PASHA Insurance is wholly owned by PASHA Holding LLC (PASHA group), a diversified investment holding group in Azerbaijan.

After four years of failing to meet their cost of capital, global reinsurers have now achieved that benchmark for the second straight year, driven in part by strong market performance, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the property/casualty (P/C) subsidiaries of United Fire Group, Inc. (UFG) [NASDAQ: UFCS] (collectively known as United Fire & Casualty Group), which operate under an intercompany pooling agreement led by United Fire & Casualty Company. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of UFG and the Long-Term Issue Credit Rating of “bbb-” (Good) on UFG’s $100 million, 9% senior unsecured notes due 2039. The outlook for these Credit Ratings (ratings) is stable. All companies are headquartered in Cedar Rapids, IA. (See below for a detailed listing of the companies and ratings.)

The August issue of Best’s Review includes the following exclusive rankings:

AM Best has revised its outlook on the U.S. health insurance segment to negative from stable due to increased utilization and higher medical costs across the industry and other significant segment challenges.

Reinsurance pricing at the midyear 2025 renewals was the most favorable pricing for cedents in recent years, indicating that competition among capacity providers has intensified, according to a new AM Best report. In addition, record-breaking issuance of 144A property catastrophe bonds has expanded avenues by which investors can participate, facilitating growth in capacity.

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of The American Home Life Insurance Company (AHL) (Topeka, KS). The outlook of the FSR is stable.

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Auto Club MAPFRE Insurance Company (ACMIC) (Columbus, OH).

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” (Superior) of United States Liability Insurance Company (USLI) and its subsidiaries: Mount Vernon Fire Insurance Company; U.S. Underwriters Insurance Company (Bismarck, ND); Mount Vernon Specialty Insurance Company; and Radnor Specialty Insurance Company. The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Omaha, NE, unless otherwise specified.

AM Best’s Jason Hopper appears as a guest in an episode of the “That Annuity Show” podcast to discuss the drivers behind the rapidly evolving annuity market.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Southern Farm Bureau Casualty Insurance Company, Colorado Farm Bureau Insurance Company (Colorado Farm Bureau) (both of Ridgeland, MS), Louisiana Farm Bureau Casualty Insurance Company (Baton Rouge, LA) and Mississippi Farm Bureau Casualty Insurance Company (Jackson, MS). In addition, AM Best has removed from under review with positive implications and upgraded the FSR to A (Excellent) from B (Fair) and the Long-Term ICR to “a” (Excellent) from “bb” (Fair) of Arkansas Farm Bureau Insurance Company (Ridgeland, MS), formerly Farm Bureau Mutual Insurance Company of Arkansas, Inc. The outlook assigned to these Credit Ratings (ratings) is stable. These companies are collectively referred to as Southern Farm Bureau Casualty Group (Southern Farm Bureau).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of National Grid Insurance Company (Isle of Man) Limited (NGICL or the captive), a captive insurer of National Grid plc (NG). The outlook of these Credit Ratings (ratings) is stable.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Leaders Life Insurance Company (Leader Life) (Tulsa, OK). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Ardellis Insurance Ltd. (Ardellis) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Terra Insurance Company (A Risk Retention Group) (Terra) (Williston, VT). The outlook of the FSR is stable.

Video playback is now available for a complimentary webinar, titled, “The Effective Expert Witness,” hosted by AM Best and sponsored by Nuzzo & Roberts, L.L.C. Access it here.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Bridgehaven Specialty UK Ltd (Bridgehaven Specialty) (United Kingdom). The company is a wholly owned subsidiary of Bridgehaven Europe Holdings Ltd (Bridgehaven), the non-operating company of the Bridgehaven group. The outlook of these Credit Ratings (ratings) is stable.  

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good), Long-Term Issuer Credit Rating of “bbb” (Good) and Philippines National Scale Rating (NSR) of aa+.PH (Superior) of Malayan Insurance Co., Inc. (Malayan) (Philippines).

Europe’s four largest reinsurers—Swiss Re, Munich Re, Hannover Re and SCOR—reported strong results in 2024, benefitting from good rate adequacy and continued underwriting discipline on policy terms and attachment points. According to a new AM Best report, they are also maintaining their ambitious profit targets for 2025, despite the material impact of the California wildfires in first-quarter 2025 and signs of rate softening.

Asia’s reinsurers are actively expanding to mature overseas markets as part of a move to diversity and be more agile with underwriting cycle management, according to a new report from AM Best.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Somerset Life Reinsurance Ltd. (Somerset Life Re) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of American Interstate Insurance Company (Omaha, NE), Silver Oak Casualty, Inc. (Omaha, NE) and American Interstate Insurance Company of Texas (Austin, TX) (collectively referred to as AMERISAFE Insurance Group). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of AMERISAFE, Inc. (headquartered in DeRidder, LA) [NASDAQ: AMSF], the ultimate parent of the group members. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Saudi Arabian Insurance Company B.S.C. (c) (Damana) (Bahrain). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija (Murimar) (Spain). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates) [UAE]. The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Malaysian Life Reinsurance Group Berhad (Malaysian Life Re) (Malaysia). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best’s 2026 Student Challenge, which gives undergraduate and graduate-level students the opportunity to develop and showcase innovative solutions for risk management and insurance, has added a prize component.

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Stonetrust Commercial Insurance Company and Stonetrust Premier Casualty Insurance Company. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The companies are domiciled in Omaha, NE and are collectively known as Stonetrust Insurance Group (Stonetrust).

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Arab Reinsurance Company SAL (Arab Re) (Lebanon). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb” (Fair) of Jubilee General Insurance Company Limited (Jubilee) (Pakistan). The outlook of the FSR is stable.

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Universal North America Insurance Company (UNAIC) (Arlington, TX).

Total dedicated reinsurance capital is projected to grow to USD 649 billion in 2025, following similar-size increases as in the previous two years, according to a new AM Best report.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Fidelity Security Assurance Company (Fidelity Assurance) (Kansas City, MO). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best will host a complimentary webinar, titled, “Inside Today’s Surplus Lines Market,” sponsored by the WSIA Education Foundation, on Wednesday, Sept. 10, 2025, at 11:00 a.m. (EDT). Register today.

The August issue of Best’s Review identifies 187 companies that have maintained their rating of A or higher for at least 50, 75 or 100 years. Topping the list are Federal Insurance Co., Hartford Fire Insurance Co. and New Hampshire Insurance Co at 118 years each. The article takes an in-depth look at some of the insurers that have reached new milestones, including 128-year-old Church Mutual Insurance Co., which joined the 75-year list this year. Read the article here.

The figure for Berkshire Hathaway in the fourth paragraph should read: USD 26.9 billion (instead of USD 26.9 million).

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term ICR of “bbb-” (Good) of Star Mutual Risk Retention Group, Inc. (Star Mutual) (Knoxville, TN).

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corporation (Kemper) [NYSE: KMPR], collectively referred to as Kemper Property & Casualty Group (Kemper P&C or the group). AM Best also has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of Kemper’s life subsidiaries, collectively referred to as Kemper Life Group (Kemper Life) (Chicago, IL). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs of Kemper, the ultimate parent, headquartered in Chicago, IL. The outlook of these Credit Ratings (ratings) is stable. (See below for further discussion and a detailed listing of all companies and ratings.)

AM Best is maintaining a negative outlook on Brazil’s reinsurance market segment, citing in part political uncertainty and tax reform measures that are pressuring industry profitability.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Hyundai Insurance (China) Co., Ltd. (HIC) (China). The outlook of these Credit Ratings (ratings) is negative.

AM Best will participate in a session during the Casualty Actuarial Society’s fourth annual China Insurance Summit, taking place on Aug. 22, 2025, at the Mingyu Chengdu Dongda Hotel in Chengdu, China.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale Rating of “aa-.MX” (Superior) of SPP Institución de Seguros, S.A. de C.V. (SPP Seguros) (Mexico City, Mexico).

AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” (Fair) of Adamjee Insurance Company Limited (Adamjee) (Pakistan). The outlook of these Credit Ratings (ratings) is negative.

AM Best has upgraded the Financial Strength Rating to B (Fair) from B- (Fair) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bb-” (Fair) of EFU General Insurance Limited (EFUG) (Pakistan). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Riverfront Insurance, LLC (Riverfront) (Wilmington, DE). Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as Riverfront has requested to no longer participate in AM Best’s interactive rating process.

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of British Caribbean Insurance Company Limited (BCIC) (Jamaica).

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) of Great Midwest Insurance Company (GMIC), Houston Specialty Insurance Company, Oklahoma Specialty Insurance Company and Imperium Insurance Company (IIC). All companies are members of Skyward Specialty Insurance Group (Skyward), whose ultimate parent is Skyward Specialty Insurance Group, Inc. (Skyward Group), [NASDAQ: SKWD], and are headquartered in Houston, TX. At the same time, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Skyward Group. In addition, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “bbb-” (Good) of $20 million, 7.25% subordinated notes, due 2039, issued by Skyward Group. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Central Reinsurance Corporation (Central Re) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good), and the Indonesia National Scale Rating (NSR) of aaa.ID (Exceptional) of PT KB Insurance Indonesia (KB Indonesia) (Indonesia). The outlook of these Credit Ratings (ratings) is stable.

A recalibration of the global reinsurance market since the January 2023 renewal period has led to a more-durable market structure characterized by reduced earnings volatility and stronger margins, supporting AM Best’s continued positive outlook on the industry.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Sammons Financial Group, Inc. (Delaware). In addition, AM Best has affirmed the Long-Term ICR of “aa-” (Superior) of Sammons Financial Group Global Funding. The outlook of these Credit Ratings (ratings) is stable. Sammons Financial Group, Inc. is an intermediate holding company for Midland National and North American, and is indirectly owned by Sammons Enterprises, Inc. Midland National and North American are the group’s key life/health insurance subsidiaries and jointly referred to as Sammons Financial Group (SFG). (See below for a detailed listing of the Long-Term IRs).

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently issued CAD 300 million, 5.1% senior unsecured notes, due August 2055, and CAD 400 million, 4.45% senior unsecured notes, due August 2035, of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. The outlook assigned to these Credit Ratings (rating) is stable.