< Previous68BEST’S REVIEW • SEPTEMBER 2022 AM Best TV & Audio LIMRA: Account-Takeover Fraud Rises in Life Insurance, Annuity, Retirement Plans LIMRA and Verisk are partnering to help insurers combat fraud and financial crimes in life insurance, annuity and retirement, said David Levenson, president and CEO, LIMRA, LOMA and LL Global, and Maroun Mourad, president, global claims, Verisk. SageSure’s Nelson: Insurers’ ESG Objectives Should Include Nat Cat Recovery, Rebuilding Insurers, MGUs and MGAs must stay focused on catastrophe- stricken communities, especially prone areas, after public attention has turned its focus to the next natural disaster, said Tammy Nelson, chief marketing officer, SageSure Insurance Managers. FM Global’s Tofte: Denmark, Switzerland, Luxembourg Among the Most Resilient Improvements in cyberrisk quality is one of the drivers moving Thailand and Vietnam higher up in the rankings of the 2022 FM Global Resilience Index, said Pentti Tofte, staff senior vice president, head of analytics, FM Global. Wildfire Is Burning a Hole in Insurers’ Pockets Insurance executives, risk modelers and analysts examine the growing peril of wildfire, and what must be done to combat one of the hottest risks facing the industry. Visit www.ambest.com/ambtv to see new and archived video from AM Best TV. LIMRA: Fraud, Financial Crimes on the Rise in Life Insurance, Annuity, Retirement Sectors Also, industry professionals discuss ESG and natural catastrophe recovery, global resilience and wildfire risk. David Levenson Tammy Nelson Pentti Tofte Catastrophe Models Must Catch Up to Science, According to Karen Clark Founder Also, AM Best audio explores crypto liability and quantum computing cybersecurity threats, deemed emerging risks by Swiss Re. Karen Clark & Co.: Models Must Catch Up to Science Expected annual aggregate hurricane loss today is about $22 billion, said Karen Clark, founder, Karen Clark & Co. She said an individual event with a loss equal to the aggregate amount can be expected every five years. Swiss Re’s Bodenschatz: Crypto Liability, Quantum Computing Among Emerging Risks Insurers shoulder some of the risks individuals and businesses face, and by doing so can contribute to making the world more resilient while also fostering innovation, said Swiss Re Risk Manager Maren Bodenschatz. BR Visit www.ambest.com/ambaudio to listen to new and archived audio from AM Best Audio. Maroun Mourad Jeff Huebner On DemandBest’s Credit Rating Actions 69BEST’S REVIEW • SEPTEMBER 2022 T his edition lists all Credit Rating actions that occurred between July 1 and July 31, 2022. For the Credit Rating of any company rated by AM Best and basic company information, visit the AM Best website at www.ambest.com/ratings/access.html or download the ratings app at www.ambest.com/sales/ambmobileapp. Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications AMERICAS LIFE/HEALTH Rating Affirmation L American National Insurance Company Brookfield Asset Mgmt Re Partners Ltd. 006087 AStableA uDeveloping Texas, USA a+Stablea+ uDeveloping Rating Affirmation L American National Life Ins Co of NY Brookfield Asset Mgmt Re Partners Ltd. 006365 AStableA uDeveloping New York, USA a+Stablea+ uDeveloping Rating Affirmation H American National Life Ins Co of Texas Brookfield Asset Mgmt Re Partners Ltd. 007417 AStableA uDeveloping Texas, USA a+Stablea+ uDeveloping Outlook Change L Annuity Investors Life Insurance Company Massachusetts Mutual Life Insurance Co 009088 A+StableA+Stable Ohio, USA aa-Positiveaa-Stable Outlook Change L Censtat Life Assurance Company Central States Health & Life Co of Omaha 060246 A-StableA-Negative Arizona, USA a-Stablea-Negative Outlook Change L Central States Health & Life Co of Omaha Central States Health & Life Co of Omaha 006206 A-StableA-Negative Nebraska, USA a-Stablea-Negative Outlook Change H Colonial Life & Accident Insurance Co Unum Group 006238 AStableAStable South Carolina, USA aPositiveaStable Outlook Change H First Unum Life Insurance Company Unum Group 006514 AStableAStable New York, USA aPositiveaStable Rating Affirmation L Garden State Life Insurance Company Brookfield Asset Mgmt Re Partners Ltd. 006436 AStableA uDeveloping Texas, USA aStablea uDeveloping Outlook Change L Great American Life Insurance Company Massachusetts Mutual Life Insurance Co 006474 A+StableA+Stable Ohio, USA aa-Positiveaa-Stable Outlook Change H Paul Revere Life Insurance Company Unum Group 006899 AStableAStable Massachusetts, USA aPositiveaStable Outlook Change H Provident Life and Accident Insurance Co Unum Group 006968 AStableAStable Tennessee, USA aPositiveaStable Outlook Change H Provident Life and Casualty Insurance Co Unum Group 006969 AStableAStable Tennessee, USA aPositiveaStable Rating Affirmation L Standard Life and Accident Insurance Co Brookfield Asset Mgmt Re Partners Ltd. 007070 AStableA uDeveloping Texas, USA a+Stablea+ uDeveloping Outlook Change H Starmount Life Insurance Company Unum Group 009370 AStableAStable Maine, USA aPositiveaStable UpgradeL Unum Insurance Company Unum Group 006900 AStableA-Stable Maine, USA aPositivea-Stable Outlook Change H Unum Life Insurance Company of America Unum Group 006256 AStableAStable Maine, USA aPositiveaStable Under Review HWestern Health Advantage064577 B+ uDevelopingB+Stable California, USA bbb- uDevelopingbbb-Stable Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating Modifier Operating CompaniesBest’s Credit Rating Actions 70BEST’S REVIEW • SEPTEMBER 2022 Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications AMERICAS PROPERTY/CASUALTY Rating Affirmation P Accredited Specialty Insurance Company R&Q Insurance Holdings Ltd 020930 A-StableA- uNegative Arizona, USA a-Stablea- uNegative Rating Affirmation P Accredited Surety and Casualty Co, Inc. R&Q Insurance Holdings Ltd 004937 A-StableA- uNegative Florida, USA a-Stablea- uNegative Rating Affirmation P American National County Mutual Ins Co Brookfield Asset Mgmt Re Partners Ltd. 010255 AStableA uDeveloping Texas, USA a+Stablea+ uDeveloping Rating Affirmation P American National General Insurance Co Brookfield Asset Mgmt Re Partners Ltd. 002803 AStableA uDeveloping Missouri, USA a+Stablea+ uDeveloping Rating Affirmation P American National Lloyds Insurance Co Brookfield Asset Mgmt Re Partners Ltd. 011700 AStableA uDeveloping Texas, USA a+Stablea+ uDeveloping Rating Affirmation P American National Property & Casualty Co Brookfield Asset Mgmt Re Partners Ltd. 003533 AStableA uDeveloping Missouri, USA a+Stablea+ uDeveloping Rating Affirmation P ANPAC Louisiana Insurance Company Brookfield Asset Mgmt Re Partners Ltd. 012472 AStableA uDeveloping Louisiana, USA a+Stablea+ uDeveloping DowngradePAssociated Mutual Insurance Cooperative004829 B+StableB++Negative New York, USA bbb-StablebbbNegative Under Review P California Insurance Company Steven Menzies 002637 A uNegativeANegative California, USA a uNegativeaNegative UpgradePCAMICO Mutual Insurance Company010748 B++StableB++Stable California, USA bbb+StablebbbPositive Rating Withdrawal P Capacity Insurance Company* PEAK6 LLC 010738 NRC++Negative Florida, USA nrbNegative Outlook Change P Censtat Casualty Company Central States Health & Life Co of Omaha 012550 A-StableA-Negative Nebraska, USA a-Stablea-Negative Under Review P Continental Indemnity Company Steven Menzies 01 3065 A uNegativeANegative New Mexico, USA a uNegativeaNegative Outlook Change P Dakota Truck Underwriters Dakota Truck Underwriters 011130 A-PositiveA-Stable South Dakota, USA a-Positivea-Stable Outlook Change PDiscovery Insurance Company011631 B+NegativeB+Stable North Carolina, USA bbb-Negativebbb-Stable Under Review P Dorchester Insurance Company, Ltd. Topa Equities, Ltd. 011064 A- uNegativeA-Stable U.S. Virgin Islands a- uNegativea-Stable Rating Affirmation P Farm Family Casualty Insurance Company Brookfield Asset Mgmt Re Partners Ltd. 000362 AStableA uDeveloping New York, USA a+Stablea+ uDeveloping DowngradePFarm Mutual Reinsurance Plan Inc.086245 B++StableA-Negative Ontario, Canada bbb+Stablea-Negative Under Review P Fidelis Insurance Bermuda Limited Fidelis Insurance Holdings Limited 093763 A uNegativeAStable Bermuda a uNegativeaStable * The ratings were reduced to b/C++ on July 7, 2022, and subsequently withdrawn. Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating Modifier71BEST’S REVIEW • SEPTEMBER 2022 Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications AMERICAS PROPERTY/CASUALTY (CONTINUED) Outlook Change P First Dakota Indemnity Company Dakota Truck Underwriters 011796 A-PositiveA-Stable South Dakota, USA a-Positivea-Stable Under Review P Florida Casualty Insurance Company Steven Menzies 002755 A uNegativeANegative Florida, USA a uNegativeaNegative Outlook Change P Frank Winston Crum Insurance Company Frank Winston Crum Ins Holdings Corp. 012601 B++PositiveB++Stable Florida, USA bbb+Positivebbb+Stable Rating Affirmation P Golden Bear Insurance Company Hall Holdings, Inc. 001719 AStableA uNegative California, USA aStablea uNegative Under Review P Illinois Insurance Company Steven Menzies 011132 A uNegativeANegative New Mexico, USA a uNegativeaNegative DowngradeP Kingstone Insurance Company Kingstone Companies, Inc. 003230 BNegativeB+Stable New York, USA bbNegativebbb-Stable Under Review P Oklahoma Property and Casualty Ins Co Steven Menzies 010359 A uNegativeANegative Oklahoma, USA a uNegativeaNegative Rating Affirmation P Pacific Property and Casualty Company Brookfield Asset Mgmt Re Partners Ltd. 012411 AStableA uDeveloping California, USA a+Stablea+ uDeveloping Under Review P Pennsylvania Insurance Company Steven Menzies 022134 A uNegativeANegative New Mexico, USA a uNegativeaNegative Under Review P Texas Insurance Company Steven Menzies 022281 A uNegativeANegative Texas, USA a uNegativeaNegative Under Review P Topa Insurance Company Topa Equities, Ltd. 002749 A- uNegativeA-Stable California, USA a- uNegativea-Stable Rating Affirmation P United Farm Family Insurance Company Brookfield Asset Mgmt Re Partners Ltd. 010701 A StableA uDeveloping New York, USA a+Stablea+ uDeveloping EUROPE, MIDDLE EAST AND AFRICA Rating Affirmation P Accredited Insurance (Europe) Ltd R&Q Insurance Holdings Ltd 093312 A-StableA- uNegative Malta a-Stablea- uNegative UpgradeP Aviva Insurance Limited Aviva plc 078773 A+StableAPositive United Kingdom aa-Stablea+Positive UpgradeC Aviva International Insurance Limited Aviva plc 085047 A+StableAPositive United Kingdom aa-Stablea+Positive Initial Rating C AXA France Vie AXA S.A. 086023 A+StableNR France aa-Stablenr Rating Withdrawal CAXA Global Re084358 NRA+Stable France nraa-Stable Initial Rating C AXA S.A. AXA S.A. 074976 A+Stable France aa-Stable Initial Rating P Coverys International Insurance Co DAC Medical Professional Mutual Insurance Co 074800 AStable Ireland aStable Under Review P Fidelis Insurance Ireland DAC Fidelis Insurance Holdings Limited 071417 A uNegativeAStable Ireland a uNegativeaStable Under Review P Fidelis Underwriting Limited Fidelis Insurance Holdings Limited 093764 A uNegativeAStable United Kingdom a uNegativeaStable Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating ModifierBest’s Credit Rating Actions 72BEST’S REVIEW • SEPTEMBER 2022 Holding Companies Rating ActionCompany NameAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications UpgradeAviva plc085909aStablea-PositiveUnited Kingdom Under Review Fidelis Insurance Holdings Limited033824bbb uNegativebbbStableBermuda Rating Withdrawal Global Atlantic (Fin) Company033520nrbbbPositiveMassachusetts, USA Rating Withdrawal Infinity Property and Casualty Corp051078nrbbbNegativeOhio, USA Rating Affirmation R&Q Insurance Holdings Ltd033495bbb-Stablebbb- uNegativeBermuda Outlook Change Unum Group058110bbbPositivebbbStableDelaware, USA Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating Modifier Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications EUROPE, MIDDLE EAST AND AFRICA (CONTINUED) Rating Withdrawal PNational Takaful Company (Watania) PJSC092651 NRB uNegative United Arab Emirates nrbb+ uNegative Initial Rating P ONIX Asigurari S.A. S.C. Egadi Company SRL 095460 BStable Romania bbStable Rating Affirmation C Seguradora Internacional de Moçambique Fosun International Holdings Ltd. 093000 BStableB uDeveloping Mozambique bbStablebb uDeveloping DowngradeP Universal Insurance Co (Guernsey) Ltd Universal Holdings (Guernsey) Limited 071705 B uNegativeB+Stable Guernsey bb+ uNegativebbb-Stable Outlook Change CWAICA Reinsurance Corporation PLC094468 B+NegativeB+Stable Sierra Leone bbb-Negativebbb-Stable ASIA-PACIFIC Under Review P Brightsideco Insurance Limited ICF Holdings Pty Ltd 091637 B uNegativeBStable New Zealand bb+ uNegativebb+Stable UpgradeL Cigna Life Insurance New Zealand Limited Chubb Limited 086363 AStableA uPositive New Zealand a+Stablea uPositive Outlook Change P Hanwha General Insurance Company Ltd Hanwha Life Insurance Co., Ltd. 086796 AStableANegative South Korea aStableaNegative Initial Rating PVeterinary Professional Ins Society Inc086425 BStable New Zealand bb+Stable AMERICAS Initial Rating P Accelerant Re (Cayman) Ltd. Accelerant Holdings LP 074987 A-Stable Cayman Islands a-Stable Initial Rating PSPP Institución de Seguros SA de CV074507 B+Stable Mexico bbb-Stable73BEST’S REVIEW • SEPTEMBER 2022 GUIDE TO BEST’S FINANCIAL STRENGTH RATINGS – (FSR) A Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer’s claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. In addition, an FSR may be displayed with a rating identifier, modifier or affiliation code that denotes a unique aspect of the opinion. Best’s Financial Strength Rating (FSR) Scale Rating Categories Rating Symbols Rating Notches* Category Definitions Superior A+A++Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations. ExcellentAA-Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligations. GoodB+B++Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing insurance obligations. FairBB- Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. MarginalC+C++ Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing insurance obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions. WeakCC- Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing insurance obligations. Financial strength is very vulnerable to adverse changes in underwriting and economic conditions. PoorD- Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing insurance obligations. Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions. * Each Best’s Financial Strength Rating Category from “A+” to “C” includes a Rating Notch to reflect a gradation of financial strength within the category. A Rating Notch is expressed with either a second plus “+” or a minus “-”. Financial Strength Non-Rating Designations Designation Symbols Designation Definitions E Status assigned to insurers that are publicly placed, via court order into conservation or rehabilitation, or the international equivalent, or in the absence of a court order, clear regulatory action has been taken to delay or otherwise limit policyholder payments. FStatus assigned to insurers that are publicly placed via court order into liquidation after a finding of insolvency, or the international equivalent. S Status assigned to rated insurance companies to suspend the outstanding FSR when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. NR Status assigned to insurance companies that are not rated; may include previously rated insurance companies or insurance companies that have never been rated by AM Best. Rating Disclosure – Use and Limitations A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, business profile and enterprise risk management or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AM Best. For the most current version, visit www.ambest.com/ratings/index.html. BCRs are distributed via the AM Best website at www.ambest.com. For additional information regarding the development of a BCR and other rating-related information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled “Guide to Best’s Credit Ratings” available at no charge on the AM Best website. BCRs are proprietary and may not be reproduced without permission. Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Version 121719 LEVERAGE YOUR BEST’S CREDIT RATING WITH A BESTMARK FOR RATED INSURERS 21.MK101GA Showcase your financial strength with a BestMark icon on your website and promotional materials. Your Company Rating Our Insight, Your Advantage ™ www.ambest.com (908) 439-2200Best’s Credit Rating Actions 74BEST’S REVIEW • SEPTEMBER 2022 GUIDE TO BEST’S ISSUER CREDIT RATINGS – (ICR) A Best’s Issuer Credit Rating (ICR) is an independent opinion of an entity’s ability to meet its ongoing financial obligations and can be issued on either a long- or short-term basis. A Long-Term ICR is an opinion of an entity’s ability to meet its ongoing senior financial obligations, while a Short-Term ICR is an opinion of an entity’s ability to meet its ongoing financial obligations with original maturities generally less than one year. An ICR is an opinion regarding the relative future credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any other risk. In addition, an ICR is not a recommendation to buy, sell or hold any securities, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. An ICR may be displayed with a rating identifier or modifier that denotes a unique aspect of the opinion. Best’s Long-Term Issuer Credit Rating (Long-Term ICR) Scale Rating Categories Rating Symbols Rating Notches* Category Definitions Exceptionalaaa-Assigned to entities that have, in our opinion, an exceptional ability to meet their ongoing senior financial obligations. Superior aaaa+ / aa-Assigned to entities that have, in our opinion, a superior ability to meet their ongoing senior financial obligations. Excellentaa+ / a-Assigned to entities that have, in our opinion, an excellent ability to meet their ongoing senior financial obligations. Goodbbbbbb+ / bbb-Assigned to entities that have, in our opinion, a good ability to meet their ongoing senior financial obligations. Fairbbbb+ / bb- Assigned to entities that have, in our opinion, a fair ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Marginalbb+ / b- Assigned to entities that have, in our opinion, a marginal ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Weakcccccc+ / ccc- Assigned to entities that have, in our opinion, a weak ability to meet their ongoing senior financial obligations. Credit quality is vulnerable to adverse changes in industry and economic conditions. Very Weakcc- Assigned to entities that have, in our opinion, a very weak ability to meet their ongoing senior financial obligations. Credit quality is very vulnerable to adverse changes in industry and economic conditions. Poorc- Assigned to entities that have, in our opinion, a poor ability to meet their ongoing senior financial obligations. Credit quality is extremely vulnerable to adverse changes in industry and economic conditions. * Best’s Long-Term Issuer Credit Rating Categories from “aa” to “ccc” include Rating Notches to reflect a gradation within the category to indicate whether credit quality is near the top or bottom of a particular Rating Category. Rating Notches are expressed with a “+” (plus) or “-” (minus). Best’s Short-Term Issuer Credit Rating (Short-Term ICR) Scale Rating Categories Rating Symbols Category Definitions StrongestAMB-1+Assigned to entities that have, in our opinion, the strongest ability to repay their short-term financial obligations. Outstanding AMB-1Assigned to entities that have, in our opinion, an outstanding ability to repay their short-term financial obligations. SatisfactoryAMB-2Assigned to entities that have, in our opinion, a satisfactory ability to repay their short-term financial obligations. AdequateAMB-3 Assigned to entities that have, in our opinion, an adequate ability to repay their short-term financial obligations; however, adverse industry or economic conditions likely will reduce their capacity to meet their financial commitments. QuestionableAMB-4 Assigned to entities that have, in our opinion, questionable credit quality and are vulnerable to adverse economic or other external changes, which could have a marked impact on their ability to meet their financial commitments. Long- and Short-Term Issuer Credit Non-Rating Designations Designation Symbols Designation Definitions dStatus assigned to entities (excluding insurers) that are in default or when a bankruptcy petition or similar action has been filed and made public. e Status assigned to insurers that are publicly placed, via court order into conservation or rehabilitation, or the international equivalent, or in the absence of a court order, clear regulatory action has been taken to delay or otherwise limit policyholder payments. fStatus assigned to insurers that are publicly placed via court order into liquidation after a finding of insolvency, or the international equivalent. s Status assigned to rated entities to suspend the outstanding ICR when sudden and significant events impact operations and rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously published rating opinion is in violation of evolving regulatory requirements. nrStatus assigned to entities that are not rated; may include previously rated entities or entities that have never been rated by AM Best. Rating Disclosure: Use and Limitations A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, business profile and enterprise risk management or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AM Best) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase, hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AM Best. For the most current version, visit www.ambest.com/ratings/index.html. BCRs are distributed via the AM Best website at www.ambest.com. For additional information regarding the development of a BCR and other rating-related information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled “Guide to Best’s Credit Ratings” available at no charge on the AM Best website. BCRs are proprietary and may not be reproduced without permission. Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Version 12171975BEST’S REVIEW • SEPTEMBER 2022 Corporate Changes LIFE/HEALTH Mergers Michigan Complete Health Inc. (AMB# 064849), Troy, MI, USA. This company merged with and into Meridian Health Plan of Michigan Inc. on Jan. 1, 2022. SelectCare Health Plans Inc. (AMB# 064845), Houston, TX, USA. This company merged with and into WellCare of Texas Inc. on Jan. 1, 2022. WellCare Health Plans of Arizona Inc. (AMB# 062262), Phoenix, AZ, USA. This company merged with and into Health Net of Arizona Inc. on Jan. 1, 2022. Name Changes Sutton Cayman Ltd. (AMB# 074979), George Town, Cayman Islands. This company changed its name to Talcott Life & Annuity Re Ltd. on June 27, 2022. American Physicians Assurance Corp. (AMB# 021406), Columbia, SC, USA. This company changed its name to Openly Insurance Co. on June 1, 2022. Acquisition & Ownership Change Life Alliance Reassurance Corp. (AMB# 060709), Honolulu, HI, USA. This company was acquired by AAA Northeast Holding Inc. from AAA Life Insurance Co. on March 11, 2022. PROPERTY/CASUALTY Name Changes American Transportation Group Insurance Risk Retention Group Inc. (AMB# 020620), Wilmington, NC, USA. This company changed its name to Bulldog National Risk Retention Group Inc. on July 1, 2022. 21st Century Indemnity Insurance Co. (AMB# 021265), Harrisburg, PA, USA. This company changed its name to Greenwood Insurance Co. on June 7, 2022. 21st Century Pacific Insurance Co. (AMB# 021266), Littleton, CO, USA. This company changed its name to Consolidated National Insurance Co. on April 11, 2022. State Action Access Home Insurance Co. (AMB# 014378), Baton Rouge, LA, USA. This company was placed into insolvent liquidation on Jan. 13, 2022. Domiciliary Change American Physicians Assurance Corp. (AMB# 003670), Columbia, SC, USA. This company redomesticated to South Carolina from Michigan on May 11, 2022. BR Mergers, Acquisition, State Action and Name, Ownership and Domiciliary Changes American Physicians Assurance Corp., Michigan Complete Health and Access Home Insurance are among the life/health and property/casualty insurers that have experienced a corporate change.76BEST’S REVIEW • SEPTEMBER 2022 Preferred Publisher Program AM Best’s Preferred Publisher Participants In Other News ... A roundup of news from publishers around the globe. Access to some sites may require registration or subscription. Artemis | www.artemis.bm Visualizing higher catastrophe bond pricing, multiples & spreads Asia Insurance Review | www.asiainsurancereview.com Singapore: Life insurance sector sees flat new business premiums in 1H2022 Auto Insurance Report | https://riskinformation.com/ Disastrous Louisiana Drives Down Property Insurance Profits Benefits Pro | https://www.benefitspro.com/ Satisfying the ‘why’ for Gen Y: Millennials feel a sense of purpose at these 10 companies Bermuda: Re+ILS | https://www.bermudareinsurancemagazine.com Different strokes: ILS is much more than an alternative Business Insurance | www.businessinsurance.com Special Report: Broker Profiles and Rankings Captive Insurance Times | https://www.captiveinsurancetimes.com/ State of Tennessee launches captive insurance company Captive International | www.captiveinternational.com/ IRS wins judgment on access to captives documents Carrier Management | www.carriermanagement.com Social Inflation Hitting the Insurance Industry Hard Claims Journal | www.claimsjournal.com/ Biden Admin Announces $3B in FEMA Climate Resilience Funding Claims Magazine | propertycasualty360.com/claims-magazine/current-issue Insurance and liability risks in the emerging e-bike market Commercial Risk | www.commercialriskonline.com/ Global insurers begin issuing local Ukrainian policies after pulling back Emerging Risks | https://emergingrisks.co.uk/ US Climate Bill Could Be Pivotal for Green Hydrogen Global Reinsurance | www.globalreinsurance.com/ Ukraine: A ‘Matrix moment’ for climate change Global Risk Manager | www.commercialriskonline.com/global-risk-manager EDR software key to closing cyber insurance gap Inside P&C | https://www.insidepandc.com/ Florida veteran Desjadon raising capital for new venture Insurance & Investment Journal | https://insurance-portal.ca/ Businesses concerned about meeting ransomware demands Insurance Age | www.insuranceage.co.uk/ INSIGHT Analysis: The challenge to build back better – as trust in insurance drops Insurance Asset Risk | www.insuranceassetrisk.com/ The Evolving CLO Regulatory Landscape Insurance Insider | www.insuranceinsider.com/ BoE’s Bailey: Market competitiveness ‘depends on regulators’ independence’ Insurance Journal | www.insurancejournal.com/magazines/ Are MGAs Winning the Insurance Talent War? Insurance Post | www.postonline.co.uk/ Government and insurers warned to ‘wake up’ to planning reform before Flood Re ends InsuranceAsia News | insuranceasianews.com/ China’s Property Crisis Weighs on (Re)insurers InsuranceERM | www.insuranceerm.com/ Life back-book consolidators shrug off threat from rising rates Intelligent Insurer | www.intelligentinsurer.com/ Insurance companies eye opportunities in fast-growing Latin America Life Annuity Specialist | www.lifeannuityspecialist.com After Roe Reversal, What Needs to Be on the Board’s Agenda? Middle East Insurance Review | www.meinsurancereview.com/ UAE: Insurance market to expand by 5% this year in terms of GPW National Underwriter P/C | www.propertycasualty360.com/ national-underwriter-property-casualty/issue-gallery Why Claims Automation is Your Best Bet for Tackling the Talent Shortage P&C Specialist | www.pandcspecialist.com/ P&C Execs Take Harsher Tone and Vow to Reduce Biz in Unprofitable States Property Insurance Report | https://riskinformation.com/ California Teeters as Regulators and Insurers Square Off on Rates Reinsurance News | https://www.reinsurancene.ws/ Lloyd’s market set to insure Ukrainian grain shipments Retirement Income Journal | https://retirementincomejournal. com/article/welcome-to-rijadvisor/ Why Annuity Issuers Use Bermuda Reinsurance Risk & Insurance | https://riskandinsurance.com/ Crypto Pays for College: What Higher Education Must Understand Before Delving into the Coin of the Future Risk.Net | www.risk.net/ Op risk data: Banks dial in $600m loss for illicit phone use Strategic Risk | www.strategic-risk-europe.com/ Russia, China behind majority of state-sponsored cyberattacks The Insurer | www.theinsurer.com/ Russia-Ukraine: Q2 brings little clarity on losses but changing risk perception already shifting market dynamics ThinkAdvisor | www.thinkadvisor.com/ 3 Ways to Help Portfolios Get Ready for a Recession: Benz Thompson’s World Insurance News | http://thompsonsnews.com/ New OSFI division will have digital focus Trading Risk | www.trading-risk.com/ ILS adjusts its stride to adapt to higher inflation Publications and sites listed above are participants in AM Best’s Preferred Publisher Program. www.ambest.com/sales/preferredpublisher77BEST’S REVIEW • SEPTEMBER 2022 Industry UpdatesIndustry Updates Irish Central Bank Launches Consultation on Climate Risk for Insurers According to the bank’s 2021 survey, only 20% of insurers and reinsurers fully integrated climate-change risk in their risk management framework. T he Central Bank of Ireland is undertaking a public consultation on proposals to create guidance for the insurance sector on climate- related risk. The increase in insured claims arising from weather-related events, along with the impact of actions to transition away from greenhouse gas-intensive activities, mean that insurers and reinsurers need to take action now to assess and appropriately manage climate change risk, the central bank said in a statement. However, the bank noted that there is no agreement on what to do and where to begin. According to a survey the bank published in 2021, only 20% of insurers and reinsurers fully integrated climate-change risk in their risk management framework, with less than half conducting some form of scenario analysis of stress testing.The proposed guidance intends to clarify the central bank’s expectations on how companies address climate-change risks and to assist them in developing their governance and risk management frameworks, it said. “We have identified the need to strengthen the resilience of the financial system to climate- related risks and supporting the transition to a carbon-neutral economy as an integral theme of our strategy,” Central Bank Governor Gabriel Makhlouf said. “Climate change is no longer an emerging risk—the stakes are high, not just for the future viability of the insurance sector, but also for society as a whole. The Central Bank expects to see a step change in the way that (re)insurers are responding to climate change risks, and we look forward to further and continued engagement with stakeholders on this important topic.” —Timothy Darragh FIND OUT WHAT INSURANCE INDUSTRY EVENTS ARE ON THE HORIZON Best’s Calendar is a complimentary online resource that provides important information on insurance industry meetings, webinars and conferences. Easily find any event by name, organization, date, description or venue using our advanced search features. Scan the QR code to see upcoming events and get the latest conference information. 22.BC001D Our Insight, Your Advantage ™ Learn More: news@ambest.com 333Ȑ ) !/0Ȑ +)ˏȼˏȬȏȅȎȭˏȊȈȏȥȇȇȅȅNext >