Articles from AM Best

AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings to “a+” (Excellent) from “aa-” (Superior) of Vermont Mutual Insurance Company and its fully reinsured subsidiaries, Northern Security Insurance Company, Inc., and Granite Security Insurance Company (formerly Granite Mutual Insurance Company). These companies are domiciled in Montpelier, VT and are members of Vermont Mutual Group (Vermont Mutual). The outlook of these Credit Ratings (ratings) has been revised to stable from negative.

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of Westfield Insurance Company and its affiliates, collectively known as Westfield Group (Westfield). (See below for a detailed listing of the companies and Credit Ratings [ratings].) The outlook of the FSR is stable. All companies are wholly owned subsidiaries of Ohio Farmers Insurance Company, the ultimate parent, and are domiciled in Westfield Center, OH.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Marco Re Limited (Marco Re) (Guernsey), which is a wholly-owned subsidiary of Marco Capital Holdings Limited (Marco) (Malta), the non-operating holding company of the Marco group (group). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” (Superior) to Chubb Seguros de Vida Chile S.A. (Chubb Vida Chile) (Chile). The outlook assigned to these Credit Ratings (ratings) is stable.

Two years of premium decline in the U.S. directors and officers (D&O) liability insurance line may well run counter to the persistent headwinds present in this segment, according to a new AM Best commentary.

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 Ratings of “a” (Excellent) of Church Mutual Insurance Company, S.I. and its wholly owned subsidiaries, CM Regent Insurance Company and CM Vantage Specialty Insurance Company. Concurrently, AM Best has removed from under review with negative implications and affirmed the Long-Term Issue Credit Rating of bbb+ (Good) of the $40 million, 9.5% surplus notes due 2044 issued by Church Mutual Insurance Company, S.I. All companies are domiciled in Merrill, WI, and collectively referred to as Church Mutual Insurance Group (Church Mutual). The outlook assigned to these Credit Ratings (ratings) is negative.

Thailand’s non-life insurance market marked a turnaround in 2023, posting an underwriting gain of THB 13.0 billion following a difficult 2022, when it reported a net underwriting loss of THB 50.7 billion, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Vantage Risk Ltd. (Bermuda) and its affiliates, Vantage Risk Specialty Insurance Company and Vantage Risk Assurance Company (both domiciled in Wilmington, DE), which does business as Vantage Group. 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 Ratings (Long-Term ICR) of “a” (Excellent) of Fidelis Insurance Bermuda Limited (Bermuda), Fidelis Underwriting Limited (United Kingdom) and Fidelis Insurance Ireland Designated Activity Company (Ireland). In addition, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Fidelis Insurance Holdings Limited (Fidelis) (Bermuda), the ultimate holding company. Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating of “bb+” (Fair) of Fidelis’ $304 million, 9% preference shares, due 2050 ($58.4 million remains outstanding).

In the last 90 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of FMG Insurance Limited (FMGIL) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Mexico National Scale Rating of “aa.MX” (Superior) of Fianzas Avanza S.A de C.V. (Fianzas Avanza) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of The Wawanesa Mutual Insurance Company (Wawanesa Mutual). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Wawanesa Life Insurance Company (Wawanesa Life). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Winnipeg, Manitoba, Canada.

Operating performance for the U.S. health insurance industry remained favorable through third-quarter 2024 with net income of $31 billion, although underwriting results have been pressured by Medicare Advantage (MA) and Medicaid managed care earnings declines, amid increased cost of care including pharmaceutical cost spend.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the India National Scale Rating (NSR) of aaa.IN (Exceptional) of ICICI Lombard General Insurance Company Limited (ICICI Lombard) (India). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to Aliado Seguros S.A. (Aliado) (Panama). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the life/health insurance subsidiaries of CNO Financial Group, Inc. (headquartered in Carmel, IN) [NYSE: CNO]. These subsidiaries are collectively referred to as CNO Financial Group (CNO). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of CNO Financial Group, Inc. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and Long-Term IRs.)

Rising litigation costs and higher jury awards continue to generate financial pressure within the casualty reinsurance segment, forcing reserve strengthening measures for some carriers and prompting narrower margins, according to a new AM Best report.

AM Best has assigned a Financial Strength Rating of C+ (Marginal) and a Long-Term Issuer Credit Rating of “b-” (Marginal) to Trust Insurance JSC (Trust Insurance) (Uzbekistan). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Hastings Insurance Company (Hastings) (Hastings, MI). The outlook of the FSR is stable. The Credit Ratings (ratings) reflect Hastings’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Video playback is now available for AM Best’s complimentary webinar, titled, “Claims Litigation in the Automated World,” sponsored by Rathbone Group, LLC. Access it here.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Ma’aden Re Limited (MRE) (United Arab Emirates), a captive reinsurer of Saudi Arabian Mining Company (Ma’aden) (Saudi Arabia). The outlook of these Credit Ratings (ratings) is stable.

Strong U.S. annuity sales has led to increased formations of sidecars by insurance companies to manage the growth and maintain risk-based capitalization levels, with ceded reserves increasing threefold in the two-year period to 2023, according to a new AM Best report.

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 the members of Government Employees Group (GEICO) (Chevy Chase, MD). The outlook of these Credit Ratings (ratings) is stable. These companies are collectively referred to as GEICO. (See below for a detailed list of the companies and ratings.)

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Virginia Surety Seguros de México, S.A. de C.V. (VSSM). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. AM Best also has affirmed the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of VSSM. The outlook of the NSR is stable.

AM Best has upgraded 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 Assurant Daños México, S.A. (ADM) and Assurant Vida México, S.A. (AVM). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. In addition, AM Best has affirmed the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of ADM and AVM. The outlook of the NSR is stable.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Himalayan Reinsurance Limited (Himalayan Re) (Nepal). The outlook of these Credit Ratings (ratings) is stable.

February’s 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 Compañía Internacional de Seguros, S.A. (CIS) (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 Ocean International Reinsurance Company Limited (Ocean Re) (Barbados). The outlook of these Credit Ratings (ratings) is positive.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Equitable Holdings, Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the Long-Term IRs.)

Second paragraph, first sentence of release should read: The annual Review & Preview Best’s Market Segment Report notes that the U.S. P/C insurance industry recorded an underwriting loss of $24.6 billion in 2023, which was offset by net investment income of $72.4 billion. (instead of $24.6 million).

AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Redbridge Group, LLC (Redbridge) (Coral Gables, FL). The outlook of the assessment is stable.

AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings to “aa-” (Superior) from “a+” (Excellent) of Permanent General Assurance Corporation, Permanent General Assurance Corporation of Ohio, and General Automobile Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. These companies collectively do business as The General (headquartered in Nashville, TN) and are newly added subsidiaries of Sentry Insurance Group (Sentry).

AM Best has assigned a Financial Strength Rating of C++ (Marginal) and a Long-Term Issuer Credit Rating of “b+” (Marginal) to Linkage Assurance Plc (Linkage) (Nigeria). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.

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 Ratings (Long-Term ICR) of “a” (Excellent) for the members of Mercury Casualty Group (Mercury). Concurrently, AM Best has revised the outlook to negative from stable and affirmed the Long-Term ICR of “bbb” (Good) of the organization’s publicly traded ultimate parent, Mercury General Corporation (MGC) (Los Angeles, CA) [NYSE: MCY]. AM Best has also revised the outlook to negative from stable and affirmed the Long-Term Issue Credit Rating of “bbb” (Good) of MGC’s $375 million, 4.4% senior unsecured notes, due 2027. (Please see below for a detailed list of Mercury’s member companies.)

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 Ratings (Long-Term ICR) of “a+” (Excellent) of Capitol Indemnity Corporation (Middleton, WI), Capitol Specialty Insurance Corporation (Middleton, WI) and Platte River Insurance Company (Omaha, NE), collectively known as CapSpecialty Insurance Group (CapSpecialty).

AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of SafePort Insurance Company (SafePort) (Sarasota, FL). SafePort is a newly added member to GeoVera Nova Insurance Group (GeoVera Nova) (headquartered in Fairfield, CA). AM Best has also removed from under review with developing implications and affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) on the remaining members of GeoVera Nova, which operates under inter-company pooling and reinsurance agreements. The outlook assigned to these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)

AM Best’s Mahesh Mistry will moderate a session during the Bermuda Risk Summit 2025, which is scheduled for March 10-12, 2025, in Hamilton, Bermuda.

After two years of relatively benign pool claims experience, an uptick in pool claims in 2024/25 will partially offset expected high investment returns for Protection and Indemnity (P&I) clubs, according to a new report from AM Best.

AM Best has revised the implications of the under review status to positive from developing for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Farm Bureau Mutual Insurance Company of Arkansas, Inc. (Farm Bureau of Arkansas) (Little Rock, AR).

AM Best’s monthly magazine, Best’s Review, is now accepting submissions to its annual Top Global Insurance Brokers ranking, which will be published in the July 2025 issue. Insurance brokerages will be ranked according to their 2024 total revenue. Additional information about top lines of business and key business developments also will be included.

AM Best has released newly updated tables of net capital charges associated with a representative sample of transactions from Fannie Mae and Freddie Mac’s credit risk transfer (CRT) programs—Freddie Mac’s Agency Credit Insurance Structure (ACIS) and Fannie Mae’s Credit Insurance Risk Transfer (CIRT). These tables also highlight some of the key components of the factor-based method used to calculate net capital charges in the Best’s Capital Adequacy Ratio (BCAR) model.

AM Best has placed under review with developing implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Banner Life Insurance Company (BLIC) (Frederick, MD) and William Penn Life Insurance Company of New York (William Penn-NY) (New York).

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 Best Meridian Insurance Company (BMI) (Miami, FL) and Best Meridian International Insurance Company, I.I. (San Juan, PR). These companies are collectively referred to as BMI.

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 RSUI Indemnity Company and its reinsured subsidiaries, collectively referred to as RSUI Group (RSUI). RSUI Group is headquartered in Atlanta, GA. The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and their ratings.)

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Gulf Insurance Limited (Gulf) (Trinidad and Tobago). The outlook of these Credit Ratings (ratings) is stable.

In the February issue, Best’s Review looks at how innovation, once seen as a convenience, has become a necessity for today’s insurers. The article, “Insurers Discover Value in Innovation Culture,” explores the benefits of innovation, how personal auto is the furthest ahead when it comes to innovative processes, and the connection between innovation and premium growth. It also features executives from Hartford Steam Boiler Group, American Family Life Insurance and Sentry Insurance Group, who describe their latest innovation initiatives. Read the article here.

AM Best will participate in separate panel discussions on the insurance-linked securities (ILS) market and credit rating agencies during the Association of Insurance and Financial Analysts (AIFA) annual conference, which will take place March 2-4, 2025, in Naples, FL, at the Naples Grande Beach Resort.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Federated Underwriting Company (Federated) (Colchester, VT). 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 Park Assurance Company (Park) (Colchester, VT). 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 the property/casualty (P/C) insurance subsidiaries of Cincinnati Financial Corporation (CFC) and The Cincinnati Life Insurance Company. Additionally, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of CFC. The outlook of these Credit Ratings (ratings) is stable. All companies except The Cincinnati Specialty Underwriters Insurance Company (CSU) are domiciled in Fairfield, OH. CSU is domiciled in Delaware. (See below for a detailed listing of the property/casualty [P/C] companies and Long-Term IRs.)

Increases in U.S. construction spending continues to fuel favorable results in the surety insurance segment, although an uptick in the loss ratio in 2023 and through third-quarter 2024 has led to firmer market conditions, according to AM Best.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Somers Re Ltd. (Bermuda) and its subsidiaries: Watford Insurance Company Europe Limited (Gibraltar); Watford Specialty Insurance Company (New Jersey); and Axeria IARD (France). In addition, AM Best has revised the outlook to positive from stable and affirmed the Long-Term ICR of “bbb-” (Good) of Somers Group Holdings Ltd. (Somers) (Bermuda), the group’s holding company. Additionally, AM Best has placed under review with positive implications the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Watford Insurance Company (WIC) (Kansas City, MO), formerly owned by Somers.

AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Nassau Life Insurance Company, Nassau Life and Annuity Company and Nassau Life Insurance Company of Kansas. These companies are collectively referred to as the Nassau Insurance Group (Nassau). In addition, AM Best has upgraded the Long-Term ICR to “bb+” (Fair) from “bb” (Fair) of The Nassau Companies of New York, Inc., along with the organization’s Long-Term Issue Credit Ratings (Long-Term IRs). Concurrently, AM Best has revised the outlooks of the Long-Term ICRs to stable from positive while the outlook of the FSR is stable. (See below for a listing of the Long-Term IRs.) All companies are headquartered in Hartford, CT, unless otherwise specified.

AM Best has downgraded the Financial Strength Rating to B (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb” (Good) of Momentum Life Limited (Momentum Life) (New Zealand). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of The Dai-ichi Life Insurance Company, Limited (DL) (Japan), the wholly owned operating subsidiary of Dai-ichi Life Holdings, Inc. (DLH). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Torreyana Insurance Company, Inc. (TIC) (Burlington, VT). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Soteria Reinsurance Ltd. (Soteria) (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has downgraded the Financial Strength Rating to B (Fair) from B + (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-” (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX). Concurrently, AM Best has maintained the under review with negative implications status for these Credit Ratings (ratings).

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Société Centrale de Réassurance (SCR) (Morocco). The outlook of these Credit Ratings (ratings) is stable.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Al Khaleej Takaful Insurance Company Q.P.S.C. (AKTI) (Qatar). The outlook assigned to these Credit Ratings (ratings) is stable.

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 Aseguradora Ancón, S.A. (Ancón) (Panama).

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the $500 million, 8.125% surplus notes, due February 2045, issued by CSAA Insurance Exchange (CSAA) (Walnut Creek, CA). The outlook assigned to this Credit Rating (rating) is negative.

The U.S. economy continues to outperform expectations and has entered 2025 on firm footing, according to a new AM Best report.

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Mereo Insurance Limited (Mereo) (Hamilton, Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best will participate in and sponsor the upcoming Florida Insurance Market Summit, which will take place Feb. 12-14, 2025, in Orlando, FL, at the JW Marriott Bonnet Creek Resort & Spa.

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 Liva Insurance B.S.C. (c) (Liva Bahrain) (Bahrain) and Liva Insurance SAOC (Liva Oman) (Oman). The outlook assigned to these Credit Ratings (ratings) is negative. These companies are key operating subsidiaries of Liva Group SAOG, collectively referred to as Liva Group. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Liva Group SAOG (Oman). The outlook of these ratings is negative. Concurrently, AM Best has withdrawn the public ratings of Liva Group SAOG (Oman), the holding company, as per the company’s request.

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 operating subsidiaries of PartnerRe Ltd. (collectively referred to as PartnerRe). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of PartnerRe Ltd. (Pembroke, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks of the Long-Term Issuer Credit Ratings (Long-Term ICR) to stable from negative and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY). These companies are the key life and annuity insurance subsidiaries of Lincoln National Corporation (LNC) (headquartered in Radnor, PA) and are referred to collectively as Lincoln Financial Insurance Group (Lincoln). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Covéa Coopérations (France), the intermediate operating holding company of Société de Groupe d’Assurance Mutuelle Covéa (Covéa or the group), a leading mutual insurance group in France. 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 ICRs) of “aa+” (Superior) of Transatlantic Reinsurance Company and its subsidiaries (collectively referred to as TransRe). In addition, AM Best has affirmed the Long-Term ICRs and the Long-Term Issue Credit Ratings (Long-Term IRs) of “a+” (Excellent) of Alleghany Corporation (Alleghany) and Transatlantic Holdings, Inc. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in New York, NY. (See below for a detailed listing of the companies and ratings.)

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” (Good) of Topa Insurance Company (Calabasas, CA) and its subsidiary, Dorchester Insurance Company, Ltd. (U.S. Virgin Islands). These companies are wholly owned subsidiaries of Topa Equities, Ltd. and collectively referred to as Topa Insurance Group (Topa). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICRs is negative.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Well Link Life Insurance Company Limited (Well Link Life) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.