AM Best Affirms Credit Ratings of AMEX Assurance Company
29 Setembro 2023 - 10:53AM
Business Wire
AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Rating of “a+”
(Excellent) of AMEX Assurance Company (AMEX Assurance) (Itasca,
IL). The outlook of these Credit Ratings (ratings) is stable. AMEX
Assurance is a wholly owned subsidiary of American Express Company
(American Express) [NYSE: AXP].
The ratings reflect AMEX Assurance’s balance sheet strength,
which AM Best assesses as very strong, as well as its very strong
operating performance, neutral business profile and appropriate
enterprise risk management (ERM).
AMEX Assurance’s very strong balance sheet strength reflects the
strongest level of risk-adjusted capitalization, as measured by
Best’s Capital Adequacy Ratio (BCAR), consistently favorable loss
reserve development, prudent underwriting leverage measures and a
strong liquidity position that is supported by steady operating
cashflows. Despite annual stockholder dividend obligations to the
parent that match the prior year’s net income, the capital position
of the company remains supportive of its overall balance sheet
strength.
AMEX Assurance’s operating performance compares favorably with
the commercial property composite average and benefits from a low
expense cost structure. Although AMEX Assurance has a narrow
business profile as its emphasis is on travel-related and other
ancillary products, mostly offered to American Express card
members, it has an established reputation in the market with a
strong distribution channel. AM Best considers the ERM program as
appropriate for the company’s risk profile, which focuses on
enterprise-wide risk awareness that enhances AMEX Assurance’s brand
attributes and supports the execution of its corporate
strategies.
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 © 2023 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Quentin Harris Senior Financial Analyst +1 908
882 1816 quentin.harris@ambest.com
Christopher Sharkey Associate Director, Public
Relations +1 908 882 2310
christopher.sharkey@ambest.com
Brian O’Larte Director + 1 908 882 2212
brian.o'larte@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com
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