< PreviousCHAPTER 6: FISCAL FITNESS & AM BEST 58 recommendations are voted on and approved by committee. Rating committee members are all rating analysts who have the relevant skills and knowledge to develop the type RIUDWLQJRSLQLRQEHLQJGLVFXVVHG5DWLQJRSLQLRQVUHÀHFWDWKRURXJKDQDO\VLVRIDOO information known by AM Best and believed to be relevant to the rating process. For BCRs intended to be made public, the rating committee determination is communicated to the entity (or its representatives) being rated before being publicly disseminated. Private BCRs are disseminated directly to the company following the conclusion of the rating committee. Disseminate the Rating 7KHSULPDU\GLVWULEXWLRQPHWKRGIRUWKHSXEOLFGLVVHPLQDWLRQRI%&5VLVWKH$0%HVW ZHEVLWH LQVRPHFDVHVLWPD\EHUHSXEOLVKHGE\DSUHVVUHOHDVH1RWL¿FDWLRQRIWKH rating committee determination to the requesting party serves as the dissemination of a private BCR. Monitor Activities Once an interactive BCR is disseminated publicly or privately, AM Best monitors and updates the rating by regularly analyzing the company’s creditworthiness. Rating DQDO\VWVPRQLWRUFXUUHQWHQWLW\VSHFL¿FGHYHORSPHQWV HJ¿QDQFLDOVWDWHPHQWVSXEOLF documents, news events) and trending industry conditions to evaluate their potential LPSDFWRQUDWLQJV6LJQL¿FDQWGHYHORSPHQWVFDQUHVXOWLQDQLQWHULPUDWLQJHYDOXDWLRQDV ZHOODVPRGL¿FDWLRQRIWKHUDWLQJRURXWORRN AM Best’s Insurance Information Products and Services About AM Best )RXQGHGLQ $0%HVWLVWKHZRUOG¶VODUJHVWFUHGLWUDWLQJDJHQF\VSHFLDOL]LQJLQWKH insurance industry. Headquartered in the United States, the company does business in RYHUFRXQWULHVZLWKUHJLRQDOR൶FHVLQ/RQGRQ$PVWHUGDP'XEDL+RQJ.RQJ Singapore and Mexico City. AM Best Rating Services assesses the creditworthiness of and/or reports on over 16,000 insurance companies worldwide. Our commentary, research and analysis provide additional insight. AM Best Information Services integrates credit ratings, commentary, research and DQDO\VLVZLWKLQVXUDQFHQHZV¿QDQFLDOGDWDDQGWKRXJKWOHDGHUVKLSWRKHOSFRQVXPHUVDQG professionals make informed personal and business decisions. Below are some of AM Best’s wide array of products and services. For more information, visit www.ambest.com/sales.CHAPTER 6: FISCAL FITNESS & AM BEST www.ambest.com59 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 SuperiorA+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 © 2021 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Version 121719 Best’s Insurance Reports ® is an indispensable resource for understanding the FUHGLWZRUWKLQHVVDQG¿QDQFLDOVWUHQJWKRILQVXUDQFHFRPSDQLHV,WR൵HUVWKHGHWDLOVDQG DQDO\VLVEHKLQG%HVW¶V&UHGLW5DWLQJVWKHODWHVW¿QDQFLDOGDWDDQGFRPSDQ\LQIRUPDWLRQ along with tools and features to enhance your research. Best’s Financial Suite R൵HUVTXDOLW\GHWDLOHGGDWDLQVXUHUUDWLQJVDQGDQDO\WLFDOWRROVIRU WRSWLHUUHVHDUFK7DNHDGYDQWDJHRIRXUXQLTXHSHUVSHFWLYHWRJHWDFRPSOHWHSLFWXUHRIWKH insurance industry. Available data includes: *OREDO6ROYHQF\,, 86&DQDGD Best’s Capital Adequacy Ratio Model – P/C, US and Global let you evaluate an insurer’s FDSLWDOL]DWLRQDQGULVNSUR¿OHZLWKDPRGHOWKDWLVFRQVLVWHQWZLWKWKHPHWKRGRORJ\XVHG E\$0%HVWDQDO\VWVFDSWXULQJWKHFRPELQHGLPSDFWRI¿QDQFLDOULVNVDVVRFLDWHGZLWK adverse market conditions.CHAPTER 6: FISCAL FITNESS & AM BEST 60 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 © 2021 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. Version 121719CHAPTER 6: FISCAL FITNESS & AM BEST www.ambest.com61 Best’s Aggregates & Averages lets you benchmark insurance company performance against industry aggregates, and observe industry trends. Underwriting & Loss Control Resources presents reports on hundreds of businesses and municipal services, written from the underwriter’s and loss control manager’s point of view. Best’s News & Research Service provides access to a full spectrum of industry research, analysis, and news published by AM Best on the global insurance market. Other products and services include: Ratings Best’s Credit Ratings - Feed Best’s Credit Ratings Mobile App Best’s Custom Services News & Research Best’s Review Reports, Research and Rankings Multimedia Resources Data Analytics Best’s Custom Services Best’s Credit Reports Best’s Financial Reports Best’s Library Center Rate Filing Information Best’s State Rate Filings ® Regulatory Filing Application BestESP ® Additional Services & Programs Advertising Opportunities Best’s Insurance Professional Resources Best’s Preferred Publisher Program Best’s Regulatory Center Redistribution Tools to Leverage Your Best’s Credit Rating 7ROHDUQPRUHDERXW$0%HVWSURGXFWVDQGVHUYLFHVFRQWDFWRXU&XVWRPHU6XSSRUW 6HUYLFHVGHSDUWPHQWYLDHPDLORUDW RU H[W DP WR SP(7SPOTLIGHT 62 The Greening of Insurance Asset Management The Push for Responsible Investing From the United Nations to nations and states, regulators and representatives are aligning investing standards with concerns about climate risk and social responsibility. Insurance and asset management experts explore emerging standards and expectations, along with the strategies and products designed to lower the stress of complying. 7KHLQVXUDQFHLQGXVWU\FRQWUROVWULOOLRQV of dollars of assets, mostly invested in ORZSUR¿OHVWDEOHPRQHWDU\YHKLFOHVWKDW À\XQGHUWKHUDGDU%XWWKHVHLQYHVWPHQWV now are attracting greater scrutiny related to their impact on environmental, social and governance issues. 7KHVRFDOOHG(6*PRYHPHQW² which involves regulators, social and environmental activists, and even the broader public—is shaping industries across the world. Asset management, banking, venture capital, energy and manufacturing businesses have joined LQVXUHUVZRUNLQJWREDODQFH¿QDQFLDO needs with all three aspects of ESG. Job No. 1 for insurers is to maintain VX൶FLHQW¿QDQFLDOVWUHQJWKWRVDWLVI\ obligations to policyholders. In other words, they need enough available capital to pay claims. Insurers traditionally have sought investments WKDWR൵HUVX൶FLHQWUHWXUQVDQG appropriate risks. For centuries, those investments included energy, carbon- based fuels, weapons, tobacco and industries now associated with human rights concerns or other sensitive issues. Many insurers have begun altering their investment practices to avoid areas that have fallen out of favor in recent years, but a growing body of regulators, legislators, activists and RWKHUVWDNHKROGHUVLVDSSO\LQJVLJQL¿FDQW pressure to incorporate ESG in all areas of the business. Inflection Point Many insurers see their choice of investments as a key element in meeting ESG standards. Political changes are amplifying that focus, said Sean Kevelighan, president and chief executive R൶FHURIWKH,QVXUDQFH,QIRUPDWLRQ Institute. Most of insurers’ revenue comes from investments, which can be a great tool for building communities, Kevelighan said. ³<RXDUHEHJLQQLQJWRVHHFRPSDQLHV Sean KevelighanSPOTLIGHT www.ambest.com63 proactively look at their portfolios and see whether or not there are ways they can address the issues through their LQYHVWPHQWV´KHVDLG³<RX¶UHDOVR VHHLQJFRPSDQLHV¿QGZD\VWRKHOS their customers with the risks that are increasing too, beyond just our own LQYHVWPHQWV´ 7KHLQGXVWU\KDVUHDFKHGDQLPSRUWDQW LQÀHFWLRQSRLQWZKHUHLWLVJRLQJIURP a detect-and-repair focus to one of predicting and preventing catastrophes, Kevelighan said. Investments play a decisive role in that approach, as does being part of the broader conversation around ESG, he added. ³:H¶UHVHHLQJZLWKWKHQHZ administration coming into Washington, that climate is part of virtually everything in that administration. Being part of those discussions, making sure people understand how insurance can be a solutions provider, making sure that people understand what risk-based pricing is and why it matters so much. It’s a lot for us to do in the climate area, HYHQDERYHDQGEH\RQGLQYHVWPHQWV´ Kevelighan said. Rising Regulation Insurers soon will be subject to broader regulatory pressures, according to David Sampson, president and CEO of the American Property Casualty Insurance Association. ³,WKLQNWKHUHZLOOEHDZKROHUDIW of new regulations on ESG-related issues coming from the Securities and Exchange Commission, the Fed, and RWKHUUHJXODWRUVRQSXEOLFFRPSDQLHV´ VDLG6DPSVRQ³$OORIWKDW¶VJRLQJWR have an impact on what happens at the state level among regulators, that is likely to sweep in nonpublic companies, mutual companies and other forms of insurance RUJDQL]DWLRQV´ 7KH1DWLRQDO$VVRFLDWLRQRI,QVXUDQFH Commissioners is sharpening its focus on ESG issues in general, noted NAIC President and Florida Insurance Commissioner David Altmaier. Another regulatory priority for 2021 is the Natural Catastrophe and Climate and Resilience 7DVN)RUFHZKLFKLWIRUPHGODVW\HDU ³7KH1$,&KDVDOZD\VEHHQLQYROYHG in climate-related risks and natural FDWDVWURSKHV´$OWPDLHUVDLG³:KDWZH did last year was elevate that to what we call our executive level. Bringing some more commissioner-level attention to that issue and exploring ways that we can make our communities more resilient and make our insurance sector more responsive to natural catastrophes and thereby protect the consumers that rely RQWKHP´ David AltmaierSPOTLIGHT 64 A Global Perspective A major driver of the increasing emphasis on insurers’ investments is Principles for Responsible Investment, the organization that describes itself as a United Nations- D൶OLDWHGLQWHUQDWLRQDOQHWZRUNRI investors working together to implement its six aspirational principles. PRI began operating in 2006. It was incubated within the U.N. as a JUDGVWXGHQWSURMHFWGXULQJ.R¿$QQDQ¶V tenure as secretary-general. It later was VSXQLQWRDVWDQGDORQHQRQSUR¿WZLWK KHDGTXDUWHUVLQ/RQGRQ7KH81 supports PRI via two advisory board VHDWV³2WKHUZLVHZH¶UHFRPSOHWHO\ LQGHSHQGHQWIURPWKH81´VDLG&KULV Fowle, director of the Americas for PRI. ³7KHUHDUHQREXGJHWDU\FRQQHFWLRQVRU administrative connections. ³)RUWKRVHWKDWIROORZWKHVFLHQFHDQG understand that climate change is real and it’s having an impact on our environment and therefore on humans, then I think someone could recognize that these issues will have an impact on LQYHVWPHQWUHWXUQVDVZHOO´)RZOHVDLG ³,QPDQ\PDUNHWVDURXQGWKHZRUOGWKDW recognition sort of transcends politics. 7KHUHDUHUHDOO\LPSRUWDQWVHFWRUVWKDW are impacted by climate change, by enhanced recognition of environmental IDFWRUVLQIDFWD൵HFWLQJYDOXDWLRQV´ )RUH[DPSOHKHVDLG ³7KHUHZLOOEH an important recognition that some companies will be making the transition to a low carbon economy better than others, therefore potentially creating better returns for their investors than RWKHUV´ ³&OHDUO\WKHUHDUHRSSRUWXQLWLHV´)RZOH VDLG³,I\RXWKLQNDERXWFRPSDQLHV that might have a product or service that enhances a company’s ability to successfully make the transition to a low carbon economy, then there should EHD¿QDQFLDOUHWXUQDQGRSSRUWXQLW\ DVVRFLDWHGZLWKWKDW´ PRI’s goal is to provide evidence, tools and a framework for recognizing these issues and opportunities to change investment processes, and ultimately help investor signatories be more successful for their stakeholders, Fowle said. ²6WD൵ Chris FowleAM BEST PRODUCTS & SERVICES AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. 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