Articles from AM Best

AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of Óptima Seguros (Óptima) (San Juan, PR). The outlook of these Credit Ratings (ratings) is stable.

AM Best will deliver its latest perspectives, examining trends in the global (re)insurance industry, together with an outline of Italy’s insurance market segment outlook, in a market briefing scheduled for 18 June 2025, in Milan, Italy. The briefing and networking forum will also touch on how cyber risks are addressed in the credit rating process.

The recent stock and bond market volatility stemming from U.S. tariff changes that wreaked financial havoc globally could pressure insurers’ balance sheets going forward, causing unrealized losses in equity portfolios and diminished capital bases, according to a new AM Best report.

AM Best has placed under review with negative implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Guarantee Company of North America USA (GCNA US) (Southfield, MI). GCNA US is a wholly owned subsidiary of Atlantic Specialty Insurance Company, part of Intact Financial Corporation’s (IFC) specialty insurance operations in the United States.

AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Family Life Insurance Company (Family Life) (Houston, Texas).

AM Best will host an analytical briefing on the state of the U.S. medical professional liability (MPL) insurance sector on Tuesday, May 13, 2025, at 11 a.m. (EDT).

AM Best has maintained its stable outlook on the United Kingdom’s non-life insurance segment.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of the members of Old Republic Insurance Companies (Old Republic). Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Old Republic National Title Insurance Company (Tampa, FL) and American Guaranty Title Insurance Company (Oklahoma City, OK) (collectively referred to as Old Republic Title Insurance Group [ORTIG]). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Old Republic Insurance Company of Canada (Old Republic Canada) (Hamilton, Ontario). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Eden Insurance Company (Eden). Concurrently, AM Best has removed from under review with negative implications and affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) of IMT Insurance Company and Wadena Insurance Company. The outlook assigned to all these Credit Ratings (ratings) is negative. The above-mentioned companies are collectively known as IMT Insurance Companies (IMT) and are domiciled in West Des Moines, IA.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of AXA Mansard Insurance Plc (AXA Mansard) (Nigeria).

In the April issue, Best’s Review reports on why political change, artificial intelligence (AI) and cyber are among the top risks insurers will encounter this year. The article “Insurers, Buyers Face New Challenges With Emerging Commercial Risks in 2025,” looks at what insurers are saying about the potential impact of a trade war, AI’s fallibility, third-party litigation and more. Read the article here.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Acerta Compañia de Seguros, S.A. (Acerta) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Life Insurance Company of Alabama (LICOA) (Gadsden, AL). The outlook of the FSR is stable.

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Florida Farm Bureau Casualty Insurance Company and its fully reinsured subsidiary, Florida Farm Bureau General Insurance Company, collectively referred to as Florida Farm Bureau Group. The outlook of the FSR is stable. Both companies are domiciled in Gainesville, FL.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Sagicor Life Inc. and Sagicor General Insurance Inc. (both domiciled in St. Michael, Barbados), Sagicor Life Insurance Company (Austin, TX) and ivari (Toronto, Canada). The outlook of these Credit Ratings (ratings) is stable. In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb” (Good) of the original $400 million, with an additional $150 million added to the 5.3% senior unsecured notes, due 2028, of the ultimate parent, Sagicor Financial Company Ltd. (Bermuda). The outlook of this rating is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” (Exceptional) of National Indemnity Company (Omaha, NE) and its affiliates (collectively referred to as National Indemnity). These companies are subsidiaries of the ultimate parent, Berkshire Hathaway Inc. (Berkshire) [NYSE: BRK A and BRK B]. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of the key U.S. life/health subsidiaries and Europe-based insurance companies of The Cigna Group (Cigna) (headquartered in Bloomfield, CT) [NYSE: CI]. In addition, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Cigna. AM Best also has affirmed the Short-Term Issue Credit Rating (Short-Term IR) of Cigna. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.) The majority of Cigna’s core U.S. health insurance entities are collectively referred to as Cigna Life & Health Group.

AM Best has revised the outlooks to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term ICRs of “b+” (Marginal) of the subsidiaries of First Acceptance Corporation (Delaware) [OTCQX: FACO], collectively referred to as First Acceptance Group (First Acceptance). The outlook for the FSR is stable. Concurrently, AM Best has revised the outlook to stable from negative and affirmed the Long-Term ICR of “ccc-” (Weak) of First Acceptance Corporation. (See below for a detailed list of subsidiaries.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Tokio Marine GRV Re, Inc. (TMGRV Re) (Oklahoma City, OK). The outlook of these Credit Ratings (ratings) is stable.

AM Best will speak and participate at RISKWORLD—the RIMS 2025 Annual Conference and Exhibition—with sessions that will focus on alternative risk transfer, corporate sustainability/ESG, artificial intelligence and cyber risk. The risk management event takes place May 4–7, 2025, at the McCormick Place Convention Center, in Chicago, IL.

AM Best is revising its market segment outlook on the London Market insurance segment to stable from positive.

As Japan’s insurance market has shown limited growth potential due to a shrinking and aging population, domestic companies have increasingly looked to expand overseas, as discussed in a new AM Best commentary.

The April issue of Best’s Review reports on emerging and evolving trends in commercial risks:

AM Best has assigned a Performance Assessment of PA-3 (Strong) to Kay International AMEA Limited (Kay International AMEA) (United Arab Emirates). The outlook assigned to the Performance Assessment (assessment) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of ASSA Compañía de Seguros S.A. (ASSA) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Lion Reinsurance Company Limited (Lion Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Reaseguradora América SPC Ltd. (RAM Re) (Cayman Islands). The outlook of these Credit Ratings (ratings) is stable.

AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a-” (Excellent) from “a” (Excellent) of Mutual of America Life Insurance Company (MofA) (New York, NY). The outlook of these Credit Ratings (ratings) is negative. Concurrently, AM Best has downgraded the FSR to B++ (Good) from A- (Excellent) and the Long-Term ICRs to “bbb+” (Good) from “a-” (Excellent) of TruSpire Retirement Insurance Company (TruSpire) (Irving, TX), a wholly owned subsidiary of Mutual of America Life Insurance Company. The outlook of these ratings is stable.

AM Best has revised the implications of the under review status to negative from developing for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NASW Insurance Company (NASWIC) (Washington, D.C.).

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Preferra Insurance Company Risk Retention Group (Preferra RRG) (Washington, D.C.). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of the members of The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR]. Additionally, AM Best has affirmed the Long-Term ICR of “a” (Excellent) of Progressive, the parent holding company, and all of the Long-Term Issue Credit Ratings (Long-Term IR) of Progressive’s senior unsecured issuances. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Protective Insurance Company (Carmel, IN) and its wholly owned subsidiaries, collectively known as Protective Insurance Corporation Group (Protective). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of National Continental Insurance Company (National Continental) (Bohemia, NY). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Sun Life Assurance Company of Canada (Sun Life) (Ontario, Canada) and Sun Life and Health Insurance Company (U.S.) (Lansing, MI). These companies are the core insurance subsidiaries of Sun Life Financial Inc. (SLF) (Ontario, Canada) [NYSE: SLF] (collectively referred to as Sun Life Group). Concurrently, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of SLF. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the Long-Term IRs.)

U.S. life/annuity (L/A) insurers allocated a higher share of new investment purchases toward bonds over mortgages and alternative assets through the first three quarters of 2024, when compared with the prior two years, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CMB Wing Lung Insurance Company Limited (CMBWLI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

Demographic, economic and regulatory developments in Algeria appear to bode well for the country’s insurance market, which looks primed for growth, expansion, foreign investment and profitability, according to a new report from AM Best.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Compagnie Commune de Réassurance des Etats Membres de la CIMA (CICA-RE) (Togo). The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of FAIR Oil & Energy Insurance Syndicate (the Syndicate or FOEIS) (Bahrain). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently issued CAD 300 million, 4.645% senior unsecured medium-term notes, due 2060, issued by Intact Financial Corporation (IFC) (Toronto, Ontario, Canada). The outlook assigned to this Credit Rating (rating) is stable.

The U.S. life/annuity (L/A) industry posted a 13% decline in net income to $33.3 billion in 2024, driven partly by a rise in expenses of nearly 15%, according to AM Best. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2024 Life/Annuity Financial Results,” and the data is derived from companies’ annual statutory statements received as of March 17, 2025, representing an estimated 99% of the total L/A industry’s premiums and annuity considerations.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiaries, The Penn Insurance and Annuity Company (Wilmington, DE) and The Penn Insurance and Annuity Company of New York (Brewster, NY). These companies collectively are referred to as Penn Mutual Group (Penn Mutual). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a” (Excellent) on the $200 million, 6.65% surplus notes, due 2034, and the Long-Term IR of “a” (Excellent) on the $200 million, 7.625% surplus notes, due 2040, issued by Penn Mutual Life. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of the Joint-Stock Company Subsidiary of Halyk Bank of Kazakhstan Halyk Insurance Company (Halyk Insurance) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable.

AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Talcott Resolution Life Insurance Company, Talcott Life Re, Ltd. (Bermuda) and Talcott Resolution Life and Annuity Insurance Company, collectively referred to as Talcott Financial Group (TFG), remain unchanged with stable outlooks following an announced reinsurance arrangement under which it will reinsure a $3.6 billion block of in-force payout annuities from Japan Post Insurance Co., Ltd. (Japan Post), of which Japan Post will continue to service and administer the policies.

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Westminster American Insurance Company (Westminster) (Owings Mills, MD). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has commented that the Long-Term Issue Credit Rating of “bbb” (Good) on the $1.25 billion 5.375% senior unsecured notes, due 2031, originally issued on March 13, 2024, by Humana Inc. (Humana) (headquartered in Louisville, KY) [NYSE: HUM] remains unchanged despite the additional notes being added as part of the same series. Humana has announced that it has issued an additional $250 million of senior unsecured notes under that offering, bringing the total to $1.5 billion. The outlook of the Credit Rating (rating) is stable.

AM Best will exhibit at the 47th annual British Insurance Brokers’ Association (BIBA) conference, which will take place 14-15 May 2025, in Manchester, United Kingdom.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Lone Peak Insurance Company (Lone Peak) (South Jordan, UT).

AM Best has affirmed the Financial Strength Rating of A+ (Superior), the Long-Term Issuer Credit Rating of “aa” (Superior), and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Allianz México, S.A., Compañía de Seguros (Allianz Mexico) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Allianz SE (Allianz) (Germany) and its rated subsidiaries. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IR) of the outstanding rated debt instruments issued by Allianz Finance II B.V. and guaranteed by Allianz. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and Long-Term IRs.)

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior), of Allianz Global Corporate & Specialty Resseguros Brasil S.A. (AGCS Re Brazil) (São Paulo, Brazil). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” (Good) of American Health and Life Insurance Company (AHLIC) and Triton Insurance Company (Triton) (both domiciled in Fort Worth, TX). Both companies are wholly owned subsidiaries of OneMain Holdings, Inc. (OneMain) [NYSE: OMF] (headquartered in Evansville, IN). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Nan Shan General Insurance Co., Ltd. (Nan Shan General) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Black Gold Re Limited (BGRe) (Bermuda).

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Revol One Insurance Company (Revol One Financial) (Spring Lake, MI). The outlook of the FSR is stable.

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The Pie Insurance Company (Columbus, OH) and its pooled affiliate, Pie Casualty Insurance Company (Chicago, IL), collectively referred to as Pie Insurance Group (Pie). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Co-operative Insurance Companies (Co-operative) (Middlebury, VT).

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidvest US LLC (Fidvest) (Charleston, SC).

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of ISMIE Mutual Insurance Company and ISMIE Indemnity Company (collectively known as ISMIE or the group). Both companies are domiciled in Chicago, IL.

AM Best is maintaining its stable outlook on Panama’s insurance industry, citing its growth and consistently profitable underwriting results, which are expected to continue as companies navigate challenges due to the adoption of IFRS 17.

AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to the $500 million 6.7% junior subordinated notes, due 2055, issued by Equitable Holdings, Inc. (Delaware) on March 26, 2025. The outlook assigned to this Credit Rating (rating) is stable.

AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Biglari Reinsurance Ltd. (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has removed from under review with developing implications and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsdale, AZ). At the same time, AM Best has removed from under review with developing implications and upgraded the FSR to A (Excellent) from B++ (Good) and the Long-Term ICR to “a+” (Excellent) from “bbb+” (Good) of Southern Pioneer Property and Casualty Insurance Company (Southern Pioneer) (Jonesboro, AR). The outlook assigned to these ratings is stable. These companies are collectively referred to as Biglari Re.

AM Best Managing Director Brad Mazur will participate in a panel discussion at the upcoming Cayman International Reinsurance Companies Association’s (CIRCA) ReConnect Conference. The event takes place April 10–11, 2025, at the Ritz Carlton, Grand Cayman.

Eligibility redeterminations in the Medicaid managed care segment following the end of the public health emergency period is leading to a mismatch between acuity and rates, according to a new AM Best report.

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of PEMCO Mutual Insurance Company (PEMCO) (Seattle, WA). The outlook of the Long-Term ICR has been revised to stable from negative while the outlook of the FSR is stable.

AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Next Insurance US Company (Next US) (headquartered in Palo Alto, CA).

AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings to “a-” (Excellent) from “a” (Excellent) of Cities and Villages Mutual Insurance Company (Cities and Villages) (Wauwatosa, WI). The outlook of these Credit Ratings (ratings) has been revised to negative from stable.

AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the newly issued $1 billion, 6.35% subordinated notes, due March 15, 2055, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of MetLife and its subsidiaries remain unchanged.

AM Best is requesting comments from market participants in the insurance industry and other interested parties on a draft update to its criteria procedure, “Best’s National Scale Ratings (NSR),” which is available on the methodology section of AM Best’s website until April 23, 2025.

AM Best’s Dawn Walker appears as a guest in an episode of the Insurance Uncut podcast, which highlights leading issues impacting the insurance industry, to discuss the state of the delegated underwriting authority enterprise (DUAE) segment and the credit rating agency’s recent survey of rated carriers on the DUAE segment’s growth potential.

The use of the artificial intelligence model DeepSeek among mainland China insurance companies has the potential to help small to medium-sized carriers improve operational efficiencies. Overall, according to its new commentary, AM Best views the use of DeepSeek as being credit neutral for China’s insurance industry over the short term.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to IQUW Re Bermuda Limited (IQUW Re) (Bermuda). IQUW Re is a wholly owned subsidiary of IQUW Holdings Bermuda Limited (IQUW), the ultimate holding company of the IQUW group. In addition, AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) on $170 million senior unsecured notes, due 2035, issued by IQUW. The outlook assigned to these Credit Ratings (ratings) is stable.

The March issue of Best’s Review includes the following exclusive rankings:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Sun Hung Kai Properties Insurance Limited (SHKPI) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of PVI Insurance Corporation (PVI Insurance). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of China Taiping Insurance (Macau) Company Limited (CTIM) (Macau). The outlook of these Credit Ratings (ratings) is stable.