AM Best Upgrades Issuer Credit Ratings for American International Group, Inc. and Its Property/Casualty Subsidiaries
26 Janeiro 2024 - 5:50PM
Business Wire
AM Best has upgraded the Long-Term Issuer Credit Ratings
(Long-Term ICRs) to “a+” (Excellent) from “a” Excellent) and
affirmed the Financial Strength Rating (FSR) of A (Excellent) of
American International Group, Inc.’s (AIG) property/casualty (P/C)
insurance subsidiaries (collectively referred to as AIG PC). The
outlook of the Long-Term ICRs has been revised to stable from
positive, while the outlook of the FSR is stable. At the same time,
AM Best has upgraded the Long-Term ICR to “bbb+” (Good) from “bbb”
(Good) of AIG (headquartered in New York, NY) [NYSE: AIG]. The
outlook of the Long-Term ICR has been revised to stable from
positive. (Please see below for a detailed listing of the companies
and ratings.)
The Credit Ratings (ratings) of AIG PC reflect its balance sheet
strength, which AM Best assesses as very strong, as well as its
adequate operating performance, favorable business profile and
appropriate enterprise risk management (ERM). AIG PC’s
risk-adjusted capital position remains at the strongest level, as
measured by Best’s Capital Adequacy Ratio (BCAR), benefiting from
improving underwriting performance, while also benefiting from
strong reinsurance support from highly rated reinsurers.
AM Best assesses AIG PC’s operating performance as adequate. The
group’s historical combined and operating ratios have lagged
composite peers. However, the upgrading of the Long-Term ICR
recognizes AIG PC’s operating performance, which has demonstrated a
steady and consistent improving trend in recent years, attributable
to numerous underwriting and risk management initiatives, as well
as continuing positive pricing momentum in most key business lines.
Operating performance metrics are now comparable to similarly rated
peers. AIG PC’s business profile is assessed as favorable,
considering its market position and presence in domestic and global
markets. The group has deep expertise in its commercial lines and
utilizes many diverse distribution channels.
The Long-Term ICRs have been upgraded to “a+” (Excellent) from
“a” (Excellent) and the FSR of A (Excellent) has been affirmed,
with the outlook for the Long-Term ICRs revised to stable from
positive and the FSR outlook maintained at stable for the following
P/C subsidiaries of AIG, which are collectively referred to as the
AIG PC:
- National Union Fire Insurance Company of Pittsburgh, PA
- American Home Assurance Company
- Lexington Insurance Company
- Commerce and Industry Insurance Company
- AIG Property Casualty Company
- The Insurance Company of the State of Pennsylvania
- New Hampshire Insurance Company
- Illinois National Insurance Company
- AIG Specialty Insurance Company
- AIU Insurance Company
- AIG Assurance Company
- AIG Insurance Company – Puerto Rico
- AIG Insurance Company of Canada
- AIG Insurance Hong Kong Limited
- Granite State Insurance Company
- Tudor Insurance Company
- Stratford Insurance Company
- Western World Insurance Company
- Blackboard Specialty Insurance Company
- Blackboard Insurance Company
- American International Group UK Limited
- American International Reinsurance Company, Ltd.
- AIG Asia Pacific Insurance Pte. Ltd.
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Raymond Thomson, CPCU, ARe, ARM Associate Director +1
908 882 2394 raymond.thomson@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Erik Miller, CFA Director +1 908 882 2120
erik.miller@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
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