Contents

Current and Upcoming Industry Research

•Allianz Risk Barometer

•Aon’s Climate and Catastrophe Insight Report

•Gallagher Re’ s 4th Quarter 2024 Annual Global InsurTech

Report

•Gallagher Re’s 2024 Natural Catastrophe & Climate Report

•LexisNexis’ 4th Quarter 2024 Insurance Demand Meter

•Marsh’s 2024 Global Insurance Market Index

•Marsh’s 2025 Global Transactional Risk Insurance Claims

Upcoming Topics From AM Best Research

•ACIS/CIRT Tables

•Brazil Reinsurance

•Casualty Reinsurance

•Cyber Update

•Directors & Ocers

•Innovation

Recently Published AM Best Research

•Special Report: Borrowing From the Federal Home Loan Bank

Slows Following 2022 Surge

•Special Report: China’s New Energy Vehicle Boom Transforms

Motor Insurance Market

•Market Segment Report: Favorable Signs for Nonstandard

Auto Insurers

•Market Segment Outlook: Costa Rica Insurance

•Market Segment Outlook: Japan Life Insurance

•Market Segment Outlook: Colombia Insurance

•Munich Re’s Natural Disasters 2024: Climate change is

showing its claws

•World Economic Forum’s Annual Global Risks Report 2025

(Guy Carpenter)

•World Economic Forum’s Business on the Edge: Building

Industry Resilience to Climate Hazards

•World Economic Forum’s Global Cybersecurity Outlook 2025

(Accenture)

•Medicaid

•Protection & Indemnity (P&I)

Clubs

•Surety

•Surplus Notes

•Thailand

•Market Segment Outlook: Germany Non-Life Insurance

•Market Segment Outlook: Malaysia Non-Life Insurance

•Market Segment Outlook: US Life/Annuity Insurance

•Market Segment Report: New Domiciles Are Changing the

Landscape for the European Captive Insurance Segment

•Commentary: Outcome of the Ogden Rate Review Will Be a

Relief for UK Insurers

•Special Report: First Look: Nine-Month 2024 US Life/Annuity

Financial Results

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BEST’S REVIEW

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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 o

ngoing 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 obl

igations.

ExcellentAA-Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing insurance obl

igations.

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. Financia

l 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. Fina

ncial 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. Financia

l 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 s

trength 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 in

ternational equivalent.

S

Status assigned to rated insurance companies to suspend the outstanding FSR when sudden and significant events impact operation

s 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 vio

lation of evolving regulatory requirements.

NR

Status assigned to insurance companies that are not rated; may include previously rated insurance companies or insurance comp

anies 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 financi

al 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 catego

ries 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) ca

nnot 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 suitabili

ty 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

w

w

w.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

r

ating-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 ar

e proprietary and may not be reproduced without permission.

Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Ver

sion

121719

LEVERAGE YOUR BEST’S CREDIT RATING

A+

SUPERIOR

Showcase your financial strength with

a BestMark for Rated Insurers on your

website and promotional materials.

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BEST’S REVIEW

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