AM Best raised the financial strength rating (FSR) from B+ (good) to B++ (good) and the issuer’s long-term credit rating (long-term ICR) to “bbb” (good) from “bbb-” (good) of
At the same time, AM Best confirmed the FSR of B++ (good) and the long-term ICRs of “bbb” (good) of
MIG member ratings are extended to Standard Life and Casualty now that they are fully integrated into MIG operations.
MIG’s ratings reflect the strength of its balance sheet, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and appropriate ERM. MIG’s rating affirmations are primarily driven by an improving trend in risk-adjusted capitalization over the past few years, coupled with continued favorable operating performance despite the challenges of the COVID-19 pandemic, and its portfolio increasingly diversified annuities, life insurance and accident and health products. In addition, the group has extended its construction activities.
The stable outlook reflects AM Best’s expectation that MIG will maintain an adequate overall balance sheet valuation, while maintaining strong operational performance.
The unknown long-term public health effects of the COVID-19 pandemic and the uncertain macroeconomic environment partially offset these positive rating factors. In addition, MIG has increased investment allocations to NAIC-2 class bond issues in recent years, which has the potential to significantly diminish the quality of its balance sheet if adverse market conditions arise. AM Best will continue to monitor these allocations.
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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.
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Source: AM Best