March 2016
A.M. Best
Credit Ratings
Non-U.S.
A.M. Best
March 2016
A.M. Best Credit Ratings (Non-U.S.)
T
his report includes credit ratings for all Non-U.S. companies
rated by A.M. Best Company, as
well as their Outlooks and Implications.
Credit ratings consist of the Financial
Strength Rating (FSR) and Issuer Credit
Rating (ICR) for each company.
Detailed reports, including rationales, are made available to subscribers
on our website shortly after ratings
are released. These company reports
have been considerably enhanced,
reflecting expanded financial analysis
and commentary. For explanations
of rating terminology, refer to the
Guides to Best’s Ratings following this
report.
Credit ratings are effective as
of 29 February, 2016. For current
ratings please visit www.ambest.com.
AMB# Name
Country Totals
Algeria . . . . . . . . . . . . . . . . . . . . . . 1
Anguilla . . . . . . . . . . . . . . . . . . . . . 1
Antigua and Barbuda . . . . . . . . . . . 1
Argentina . . . . . . . . . . . . . . . . . . . . 2
Australia . . . . . . . . . . . . . . . . . . . 10
Austria . . . . . . . . . . . . . . . . . . . . . . 1
Azerbaijan . . . . . . . . . . . . . . . . . . . 1
Bahamas . . . . . . . . . . . . . . . . . . . . 6
Bahrain . . . . . . . . . . . . . . . . . . . . 10
Barbados . . . . . . . . . . . . . . . . . . . 21
Belgium . . . . . . . . . . . . . . . . . . . . . 5
Bermuda . . . . . . . . . . . . . . . . . . . 92
Bhutan . . . . . . . . . . . . . . . . . . . . . . 1
Bosnia and Herzegovina . . . . . . . . . 1
Brazil . . . . . . . . . . . . . . . . . . . . . . . 7
Canada . . . . . . . . . . . . . . . . . . . . . 163
Cayman Islands . . . . . . . . . . . . . . 22
China . . . . . . . . . . . . . . . . . . . . . . 10
Costa Rica . . . . . . . . . . . . . . . . . . . 2
Cyprus . . . . . . . . . . . . . . . . . . . . . . 1
Czech Republic . . . . . . . . . . . . . . . 1
Dominican Republic . . . . . . . . . . . 1
Egypt . . . . . . . . . . . . . . . . . . . . . . . 3
El Salvador . . . . . . . . . . . . . . . . . . . 1
Fiji . . . . . . . . . . . . . . . . . . . . . . . . . 1
Finland . . . . . . . . . . . . . . . . . . . . . 1
France . . . . . . . . . . . . . . . . . . . . . 12
Germany . . . . . . . . . . . . . . . . . . . 22
Ghana . . . . . . . . . . . . . . . . . . . . . . 1
Gibraltar . . . . . . . . . . . . . . . . . . . . . 1
Guam . . . . . . . . . . . . . . . . . . . . . . . 5
Guernsey . . . . . . . . . . . . . . . . . . . . 5
Honduras . . . . . . . . . . . . . . . . . . . . 1
Hong Kong . . . . . . . . . . . . . . . . . . 16
Iceland . . . . . . . . . . . . . . . . . . . . . . 1
India . . . . . . . . . . . . . . . . . . . . . . . . 5
Indonesia . . . . . . . . . . . . . . . . . . . . 2
Ireland . . . . . . . . . . . . . . . . . . . . . 22
Isle of Man . . . . . . . . . . . . . . . . . . . 1
Italy . . . . . . . . . . . . . . . . . . . . . . . . 3
Jamaica . . . . . . . . . . . . . . . . . . . . . 2
Japan . . . . . . . . . . . . . . . . . . . . . . 13
Jordan . . . . . . . . . . . . . . . . . . . . . . 6
Kazakhstan . . . . . . . . . . . . . . . . . . 9
Ultimate Parent
Algeria
090777 Compagnie Centrale de Réassurance
Anguilla
090585 Nagico Insurance Company Limited
Antigua And Barbuda
013025 Caribbean Alliance Insurance Company Limited
Argentina
077351 American Home Assurance Company (Argentina Branch)
093224 Starr Indemnity & Liability Company (Argentina Branch)
Nagico Holdings Limited
Kenya . . . . . . . . . . . . . . . . . . . . . . . 3
Kuwait . . . . . . . . . . . . . . . . . . . . . . 3
Lebanon . . . . . . . . . . . . . . . . . . . . . 4
Liechtenstein . . . . . . . . . . . . . . . . 2
Luxembourg . . . . . . . . . . . . . . . . 11
Macau . . . . . . . . . . . . . . . . . . . . . . 5
Malaysia . . . . . . . . . . . . . . . . . . . . 11
Malta . . . . . . . . . . . . . . . . . . . . . . . 2
Mauritius . . . . . . . . . . . . . . . . . . . . 1
Mexico . . . . . . . . . . . . . . . . . . . . . 28
Micronesia, Federated States of . . . 1
Morocco . . . . . . . . . . . . . . . . . . . . 1
Nepal . . . . . . . . . . . . . . . . . . . . . . . 2
Netherlands . . . . . . . . . . . . . . . . . . 3
New Zealand . . . . . . . . . . . . . . . . 38
Nigeria . . . . . . . . . . . . . . . . . . . . . . 5
Oman . . . . . . . . . . . . . . . . . . . . . . . 3
Pakistan . . . . . . . . . . . . . . . . . . . . . 2
Panama . . . . . . . . . . . . . . . . . . . . . 9
Papua New Guinea . . . . . . . . . . . . 2
Philippines . . . . . . . . . . . . . . . . . . . 4
Poland . . . . . . . . . . . . . . . . . . . . . . 1
Puerto Rico . . . . . . . . . . . . . . . . . 30
Qatar . . . . . . . . . . . . . . . . . . . . . . . 5
Russia . . . . . . . . . . . . . . . . . . . . . . . 3
Saudi Arabia . . . . . . . . . . . . . . . . . . 1
Singapore . . . . . . . . . . . . . . . . . . . 15
Slovenia . . . . . . . . . . . . . . . . . . . . . 3
South Africa . . . . . . . . . . . . . . . . . . 1
South Korea . . . . . . . . . . . . . . . . . 13
Spain . . . . . . . . . . . . . . . . . . . . . . . 8
St. Lucia . . . . . . . . . . . . . . . . . . . . . 1
St. Maarten . . . . . . . . . . . . . . . . . . . 1
Sweden . . . . . . . . . . . . . . . . . . . . . 2
Switzerland . . . . . . . . . . . . . . . . . 17
Taiwan . . . . . . . . . . . . . . . . . . . . . . 5
Thailand . . . . . . . . . . . . . . . . . . . . . 4
Togo . . . . . . . . . . . . . . . . . . . . . . . . 1
Trinidad and Tobago . . . . . . . . . . . 3
Tunisia . . . . . . . . . . . . . . . . . . . . . . 1
Turkey . . . . . . . . . . . . . . . . . . . . . . 1
United Arab Emirates . . . . . . . . . . 15
United Kingdom . . . . . . . . . . . . . 59
Vietnam . . . . . . . . . . . . . . . . . . . . . 5
ICR
Outlook/
Implication
FSR
Outlook/
Implication
bbb-
Stable
B+
Stable
bbb
Positive
B++
Stable
a
Stable
A
Stable
au
a
Negative
A u
Negative
Stable
A
Stable
Copyright © 2016 by A.M. Best Company, Inc. and/or affiliates. ALL RIGHTS RESERVED. No part of this report or document
may be distributed in any electronic form or by any means, or stored in a database or retrieval system, without the prior written permission of
the A.M. Best Company. For additional details, refer to our Terms of Use available at the A.M. Best Company website: www.ambest.com/terms.
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Australia
086552 Ansvar Insurance Limited
086085 Chubb Insurance Company of Australia Limited
086993 First American Title Insurance Company of Australia Pty Limited
086052 General Reinsurance Australia Ltd
086652 General Reinsurance Life Australia Ltd.
077834 Guild Insurance Limited
077924 The Hollard Insurance Company Pty Ltd
093909 The New India Assurance Company Limited (Australia Branch)
078302 Pacific International Insurance Pty Limited
084314 QBE Insurance (International) Limited
Austria
090599 Garant Versicherungs-Aktiengesellschaft
Azerbaijan
093787 AzRe Reinsurance, OJSC
Bahamas
086819 Atlantic Medical Insurance Limited
086960 Bahamas First General Insurance Company Limited
089077 Colina Insurance Limited
087111 Family Guardian Insurance Company Limited
087888 RoyalStar Assurance Limited
086820 Security and General Insurance Company Limited
Bahrain
091291 ACE American Insurance Company (Bahrain Branch)
090059 ACR ReTakaful MEA B.S.C. (c)
085013 Arab Insurance Group (B.S.C.)
091313 ARABIA Insurance Company S.A.L. (Bahrain Branch)
085489 Bahrain Kuwait Insurance Company B.S.C.
087928 The Bahrain National Insurance Company BSC (c)
077623 Life Insurance Corporation (International) B.S.C. (c)
092458 Saudi Arabian Insurance Company B.S.C.
091840 Solidarity General Takaful BSC (c)
086326 Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re
Barbados
093065 Active Capital Reinsurance, Ltd.
056229 BMO Reinsurance Limited
093560 The Canada Life Assurance Company (Barbados Branch)
072561 CIBC Reinsurance Company Limited
086477 DuraRock Reinsurance, Ltd.
085496 Energy Insurance Mutual Limited
075202 ICM Assurance Ltd
086555 Insurance Corporation of Barbados Limited
077342 London Life and Casualty (Barbados) Corporation
093559 London Life Insurance Company (Barbados Branch)
086916 Massy United Insurance Ltd.
093077 Ocean International Reinsurance Company Limited
093682 Optimum Reassurance Inc. (Barbados Branch)
093943 RBC Life Insurance Company (Barbados Branch)
090222 RGA Atlantic Reinsurance Company, Ltd.
086956 Royal Bank of Canada Insurance Company Ltd
086979 Sagicor General Insurance Inc.
086569 Sagicor Life Inc.
057051 Scotia Insurance (Barbados) Limited
056952 TD Reinsurance (Barbados) Inc.
086298 Wentworth Insurance Company Limited
Belgium
089527 CIGNA Europe Insurance Company S.A. - N.V.
083121 CIGNA Life Insurance Company of Europe S.A.-N.V.
083113 Compagnie Belge d’Assurances Aviation S.A. (Aviabel)
077673 European Liability Insurance for the Nuclear Industry
089416 European Mutual Association for Nuclear Insurance
Bermuda
086361 ACE Bermuda Insurance Ltd.
077030 ACE Tempest Life Reinsurance Ltd.
090938 ACE Tempest Reinsurance Ltd.
091620 ACP Re Ltd
077031 Aetna Life & Casualty (Bermuda) Ltd.
073713 Allianz Risk Transfer (Bermuda) Limited
084808 Allied World Assurance Company, Ltd
051687 Ally International Insurance Company, Ltd.
086794 American Contractors Insurance Group Ltd
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Allchurches Trust Limited
Chubb Limited
First American Financial Corporation
Berkshire Hathaway Inc.
Berkshire Hathaway Inc.
The Pharmacy Guild of Australia
Hollard Investments Cooperatieve U.A.
GRAMAR Family Holdings Pty Ltd
QBE Insurance Group Limited
aaaa u
a
aa+
aa+
aaabbb
a
Stable
Negative
Stable
Stable
Stable
Positive
Stable
Positive
Stable
Stable
AA++u
A
A++
A++
AAAB++
A
Stable
Negative
Stable
Stable
Stable
Positive
Stable
Positive
Stable
Stable
Delcredere | Ducroire
a-
Stable
A-
Stable
AzRe Reinsurance, OJSC
bbb-
Stable
B+
Stable
Edmund Gibbons Limited
Bahamas First Holdings Limited
AF Holdings Ltd.
FamGuard Corporation Limited
aaaaa
a-
Stable
Stable
Stable
Stable
Stable
Stable
AAAAA
A-
Stable
Stable
Stable
Stable
Stable
Stable
aa+ u
bbb+
bbb+
bbb+
abbb+
bbb+
abbb
a-
Negative
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A++u
B++
B++
B++
AB++
B++
AB++
A-
Negative
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
bbba+
aa
a+
a
a
aaa+
aa
aaaa
aaa+
aaa+
a+
a
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
B+
A
A+
A
A
A
AAA
A+
AAAA
A+
A
AAA
A
A
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Cigna Corporation
Cigna Corporation
Cie Belge d’Assur Aviation SA (Aviabel)
au
au
aaa
Developing
Developing
Stable
Stable
Stable
A u
A u
AAA
Developing
Developing
Stable
Stable
Stable
Chubb Limited
Chubb Limited
Chubb Limited
Michael Karfunkel Grantor Annuity Trust
Aetna Inc.
Allianz SE
Allied World Assurance Co Holdings AG
Ally Financial Inc
American Contractors Insurance Group Ltd
aa+ u
aa+ u
aa+ u
aa+ u
aaa+
bbb+
a+
Negative
Negative
Negative
Stable
Negative
Stable
Stable
Stable
Stable
A++u
A++u
A++u
AA u
A+
A
B++
A
Negative
Negative
Negative
Stable
Negative
Stable
Stable
Stable
Stable
Edmund Gibbons Limited
ACR ReTakaful Holdings Limited
Arab Insurance Group (B.S.C.)
Gulf Insurance Group K.S.C.P.
Bahrain National Holding Company BSC
Life Insurance Corporation of India
Solidarity Group Holding BSC (c)
Nest Investments (Holdings) Limited
Active Capital Holdings Corp.
Bank of Montreal
Canadian Imperial Bank of Commerce
Matthew T. Moroun
Energy Insurance Mutual Limited
BF&M Limited
Great-West Lifeco Inc
Massy Holdings Ltd.
Reinsurance Group of America Inc
Royal Bank of Canada
Sagicor Financial Corporation
Sagicor Financial Corporation
Bank of Nova Scotia
Toronto-Dominion Bank
Fairfax Financial Holdings Limited
March 2016
2
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
bermuda (continued)
085197 American International Reinsurance Company, Ltd.
050300 AmTrust International Insurance, Ltd.
075169 Arch Reinsurance Ltd
075126 Ardellis Insurance Ltd
013313 Argo Re Ltd.
090076 Argus Insurance Company Limited
083210 Aspen Bermuda Limited
085055 Associated Electric & Gas Insurance Services Limited (AEGIS)
078421 Assured Guaranty Re Overseas Ltd.
090645 Athene Life Re Ltd.
088598 Aurigen Reinsurance Limited
084766 AXIS Specialty Limited
086636 Bermuda Life Insurance Company Limited
084739 BF&M General Insurance Company Limited
084740 BF&M Life Insurance Company Limited
057610 BNY Trade Insurance Ltd.
073621 Castle Harbour Insurance Limited
084805 Catlin Insurance Company Ltd.
086200 Chubb Atlantic Indemnity Ltd.
083735 Citadel Reinsurance Company Limited
073205 Coastal Medical Insurance Ltd.
086816 Colonial Insurance Company Limited
086817 Colonial Life Assurance Company Limited
086818 Colonial Medical Insurance Company Limited
061738 Commonwealth Annuity and Life Reinsurance Company, Ltd.
086156 Corporate Officers & Directors Assurance Ltd.
073497 Crown Global Life Insurance (Bermuda) Limited
072100 Crown Global Life Insurance Limited
084749 DaVinci Reinsurance Ltd
084835 Endurance Specialty Insurance Ltd.
094573 Everest International Assurance Ltd.
086863 Everest International Reinsurance, Ltd.
087869 Everest Reinsurance (Bermuda), Ltd.
073684 Evergreen Insurance Company Limited
093763 Fidelis Insurance Bermuda Limited
086347 Genesis Limited
076117 Global Indemnity Reinsurance Company Ltd.
091712 Hamilton Re, Ltd.
088859 Hannover Life Reassurance Bermuda Limited
085314 Hannover Re (Bermuda) Ltd.
073622 Harrington Sound Insurance Limited
078142 Hiscox Insurance Company (Bermuda) Limited
057453 IAT Reinsurance Company Ltd.
093605 INPEX Insurance, Ltd.
077852 International General Insurance Company Limited
078528 Ironshore Insurance Ltd.
088623 JRG Reinsurance Company Ltd.
078141 Lancashire Insurance Company Limited
075594 Lantana Insurance Ltd
091769 Lion Reinsurance Company Limited
078772 Maiden Reinsurance Ltd.
087119 Markel Bermuda Limited
073148 MS Frontier Reinsurance Limited
093811 National General Re Ltd.
071222 NEWGT Reinsurance Company, Ltd.
071223 Nissan Global Reinsurance, Ltd.
086627 North Rock Insurance Company Limited
086605 Oil Casualty Insurance, Ltd
084424 Partner Reinsurance Company Ltd.
084985 Platinum Underwriters Bermuda, Ltd
086494 PMG Assurance Ltd.
092611 Qatar Reinsurance Company Limited
056478 Queen’s Island Insurance Company Ltd.
088589 R.V.I. Guaranty Co., Ltd.
056736 Rembrandt Insurance Company, Ltd.
086357 Renaissance Reinsurance Ltd.
086548 RenaissanceRe Specialty Risks Ltd.
018057 RenaissanceRe Specialty U.S. Ltd.
073316 RGA Americas Reinsurance Company, Ltd.
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
American International Group, Inc
AmTrust Financial Services, Inc
Arch Capital Group Ltd.
Universal Forest Products Inc
Argo Group International Holdings, Ltd
Argus Group Holdings Limited
Aspen Insurance Holdings Limited
au
a
aaaa
bbb+
a
a
aa
aaaabbb+
a
a
a+
a
a
aa+ u
aa
aaaaaa+ u
bbb+
bbb+
a+
a
aaaaaaa
aa
a
aaaaaa
a+
aaaau
aa
a
aaa
a+
aaaa
aa+ u
a
aa
aaaa
aaa
a
aa-
Negative
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Positive
Negative
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
A u
A
A+
AA
B++
A
A
A+
AAA+
B++
A
A
A
A
A
A++u
AA
AAAAA++u
B++
B++
A
A
A+
A+
A+
A
AA
A
AA+
A+
A
A
AAAA u
AA
A
AAA
A
AAAA
AA u
A
AA
A+
AA
A+
A
A
A+
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Negative
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Assured Guaranty Ltd.
Athene Holding Ltd.
Aurigen Capital Limited
AXIS Capital Holdings Limited
Argus Group Holdings Limited
BF&M Limited
BF&M Limited
Bank of New York Mellon Corp
Schlumberger Limited
XL Group plc
Chubb Limited
Sirius International Limited
Meridian Health System, Inc.
Edmund Gibbons Limited
Edmund Gibbons Limited
Edmund Gibbons Limited
Global Atlantic Financial Group Ltd
Chubb Limited
Crown Global Ins Group LLC
Crown Global Ins Group LLC
RenaissanceRe Holdings Ltd
Endurance Specialty Holdings Ltd.
Everest Re Group, Ltd
Everest Re Group, Ltd
Everest Re Group, Ltd
Evergreen International S.A.
Fidelis Insurance Holdings Limited
Global Indemnity plc
Hamilton Insurance Group, Ltd.
HDI V.a.G.
HDI V.a.G.
Schlumberger Limited
Hiscox Ltd
IAT Reinsurance Company Ltd.
INPEX CORPORATION
International General Insur Holdings Ltd
Ironshore Inc.
James River Group Holdings, Ltd.
Lancashire Holdings Limited
QBE Insurance Group Limited
Grupo ASSA, S.A.
Maiden Holdings, Ltd.
Markel Corporation
MS&AD Insurance Group Holdings, Inc.
National General Holdings Corp.
ITOCHU Corporation
Nissan Motor Co., Ltd.
CNA Financial Corporation
PartnerRe Ltd
Platinum Underwriters Holdings Ltd
Sony Corporation
Qatar Insurance Company S.A.Q.
W. R. Berkley Corporation
Quantum Partners LP
Vitol Holding B V
RenaissanceRe Holdings Ltd
RenaissanceRe Holdings Ltd
RenaissanceRe Holdings Ltd
Reinsurance Group of America Inc
March 2016
3
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
IBT Group, LLC
Starr International Company, Inc.
Enstar Group Limited
Third Point Reinsurance Ltd.
Third Point Reinsurance Ltd.
Through Transport Mutual Ins Assoc Ltd
State Farm Mutual Automobile Ins Co
SGS SA
Validus Holdings, Ltd.
Watford Holdings Ltd.
Wilton Re Ltd
XL Group plc
XL Group plc
XL Group plc
bb u
a
aaaaaaa
a
aa+
a+
bbb+
a+
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Negative
B u
A
AAAAA+
A
A
AA
A
B++
A
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
bbb-
Stable
B+
Stable
bbb-
Stable
B+
Stable
Allianz SE
Austral Participações S.A.
BTG Pactual Holding S.A.
IRB - Brasil Resseguros S.A.
Parana Banco S.A.
Parana Banco S.A.
a
bbb+
bbb u
aaabbb
Stable
Stable
Negative
Stable
Stable
Stable
Positive
A
B++
B++u
AAAB++
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Chubb Limited
aa+ u
a+ u
aa
au
aaaaaaaa+
abb+
aaa
aaa
aaaa+
aaaaaaaaaa
aa+
aa
aa
a
a
a
a
a
aaa u
a
aaa- u
au
a
aa
a+
Negative
Negative
Stable
Negative
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Negative
Developing
Stable
Stable
Stable
Stable
A++u
A u
A+
A u
A+
A+
A+
AA
AB
A+
A
A+
A
AAAA
A+
A+
A+
A+
AA
A++
A+
A+
A
A
A
A
A
A++u
A
AA+ u
A u
A
AA
A
Negative
Negative
Stable
Negative
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Negative
Developing
Stable
Stable
Stable
Stable
bermuda (continued)
091730 Sorford Surety Insurance Co. Ltd.
013930 Starr Insurance & Reinsurance Limited
088985 StarStone Insurance Bermuda Limited
091695 Third Point Reinsurance Company Ltd.
093849 Third Point Reinsurance (USA) Ltd.
087148 Through Transport Mutual Insurance Association Limited
087157 Top Layer Reinsurance Ltd
056115 Transmonde Services Insurance Company Limited
078113 Validus Reinsurance, Ltd.
022019 Watford Re Ltd.
077621 Wilton Reinsurance Bermuda Limited
085633 XL Insurance (Bermuda) Ltd
073313 XL Life Ltd
086106 XL Re Ltd
Bhutan
093021 Royal Insurance Corporation of Bhutan Limited
Bosnia And Herzegovina
088596 Bosna Reosiguranje d.d. Sarajevo
Brazil
093335 Allianz Global Corporate & Specialty Resseguros Brasil S.A.
092459 Austral Resseguradora S.A.
093522 BTG Pactual Resseguradora S.A.
085590 IRB - Brasil Resseguros S.A.
077762 J.Malucelli Seguradora S.A.
091509 J.Malucelli Resseguradora S.A.
092722 Terra Brasis Resseguros
Canada
085760 ACE INA Insurance
069358 Aetna Life Insurance Company (Canada Branch)
087009 Affiliated FM Insurance Company (Canada Branch)
085727 AIG Insurance Company of Canada
066502 Allianz Global Risks US Insurance Company (Canada Branch)
069312 Allianz Life Insurance Company of North America (Canada Branch)
085754 Allstate Insurance Company (Canada Branch)
084955 American Agricultural Insurance Company (Canada Branch)
087038 American Bankers Insurance Company of Florida (Canada Branch)
069313 American Bankers Life Assurance Company of Florida (Canada Branch)
066870 American Health and Life Insurance Company (Canada Branch)
069314 American Income Life Insurance Company (Canada Branch)
087768 The American Road Insurance Company (Canada Branch)
066513 Arch Insurance Canada Ltd.
066535 Associated Electric & Gas Insurance Services Limited (Canada Branch)
008074 Assumption Mutual Life Insurance Company
066882 Assurant Life of Canada
066889 Aurigen Reinsurance Company
085748 Aviva Insurance Company of Canada
066819 AXA Equitable Life Insurance Company (Canada Branch)
066541 AXIS Reinsurance Company (Canada Branch)
085706 Belair Insurance Company Inc.
066525 Berkley Insurance Company (Canada Branch)
068557 Blue Cross Life Insurance Company of Canada
066835 BMO Life Assurance Company
085707 The Boiler Inspection and Insurance Company of Canada
084294 Caisse Centrale de Reassurance (Canada Branch)
006183 The Canada Life Assurance Company
066801 Canadian Premier Life Insurance Company
066881 Canassurance Hospital Service Association
066878 Canassurance Insurance Company
067675 Cherokee Insurance Company (Canada Branch)
087740 Chicago Title Insurance Company (Canada Branch)
085725 Chubb Insurance Company of Canada
006290 Co-operators Life Insurance Company
086547 Coachman Insurance Company
069320 Combined Insurance Company of America (Canada Branch)
069322 Connecticut General Life Insurance Company (Canada Branch)
086431 Continental Casualty Company (Canada Branch)
085735 Co-operators General Insurance Company
086558 CorePointe Insurance Company (Canada Branch)
066546 Darwin National Assurance Company (Canada Branch)
American International Group, Inc
Arch Capital Group Ltd.
Assurant Inc
Aurigen Capital Limited
Aviva plc
Intact Financial Corporation
Bank of Montreal
Munich Reinsurance Company
Great-West Lifeco Inc
Wilton Re Ltd
Canassurance Hospital Service Assn
Canassurance Hospital Service Assn
Chubb Limited
The Co-operators Group Limited
Province of Saskatchewan
The Co-operators Group Limited
March 2016
4
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
canada (continued)
085739 The Dominion of Canada General Insurance Company
085154 Ecclesiastical Insurance Office plc (Canada Branch)
087031 Echelon Insurance
085741 Economical Mutual Insurance Company
066520 Electric Insurance Company (Canada Branch)
085742 Elite Insurance Company
006329 The Empire Life Insurance Company
087032 Employers Insurance Company of Wausau (Canada Branch)
066867 Employers Reassurance Corporation (Canada Branch)
087011 Euler Hermes North America Insurance Company (Canada Branch)
087033 Everest Insurance Company of Canada
087034 Everest Reinsurance Company (Canada Branch)
087010 Factory Mutual Insurance Company (Canada Branch)
087730 Federal Insurance Company (Canada Branch)
085503 Federated Insurance Company of Canada
086813 First American Title Insurance Company (Canada Branch)
066893 First Canadian Insurance Corporation
066847 Foresters Life Insurance Company
066822 General American Life Insurance Company (Canada Branch)
069319 General Re Life Corporation (Canada Branch)
087042 General Reinsurance Corporation (Canada Branch)
066871 Gerber Life Insurance Company (Canada Branch)
087045 Great American Insurance Company (Canada Branch)
006493 The Great-West Life Assurance Company
085021 The Guarantee Company of North America
086980 Hannover Rueck SE (Canada Branch)
087049 Hartford Fire Insurance Company (Canada Branch)
069326 Hartford Life Insurance Company (Canada Branch)
060132 The Independent Order of Foresters
006554 Industrial Alliance Insurance and Financial Services Inc.
066533 Industrial Alliance Pacific General Insurance Corporation
087054 The Insurance Company of Prince Edward Island
086334 Intact Assurance agricole Inc
085758 Intact Insurance Company
066805 Ivari
086618 Jevco Insurance Company
066511 Jewelers Mutual Insurance Company (Canada Branch)
066815 Knights of Columbus (Canada Branch)
087058 Lawyers’ Professional Indemnity Company
069357 Liberty Life Assurance Company of Boston (Canada Branch)
087060 Liberty Mutual Insurance Company (Canada Branch)
069330 Life Insurance Company of North America (Canada Branch)
006667 London Life Insurance Company
087062 Lumbermen’s Underwriting Alliance (Canada Branch)
006688 The Manufacturers Life Insurance Company
069336 Metropolitan Life Insurance Company (Canada Branch)
066542 Millennium Insurance Corporation
087065 Mitsui Sumitomo Insurance Company Limited (Canada Branch)
087066 Motors Insurance Corporation (Canada Branch)
085770 Munich Reinsurance Company of Canada
087068 The Mutual Fire Insurance Company of British Columbia
066501 National Liability & Fire Insurance Company (Canada Branch)
087071 Nationwide Mutual Insurance Company (Canada Branch)
069340 New York Life Insurance Company (Canada Branch)
085757 The Nordic Insurance Company of Canada
085767 Northbridge Commercial Insurance Corporation
085732 Northbridge General Insurance Corporation
085738 Northbridge Personal Insurance Corporation
086427 Novex Insurance Company
087098 Odyssey Reinsurance Company (Canada Branch)
086563 Old Republic Insurance Company of Canada
087724 Optimum Farm Insurance Inc
087091 Optimum Insurance Company Inc
066827 Optimum Reassurance Inc.
087019 Optimum West Insurance Company
066891 Partner Reinsurance Company Ltd. (Canada Branch)
067484 Partner Reinsurance Europe SE CAB
086955 Peace Hills General Insurance Company
085779 Pilot Insurance Company
Ultimate Parent
ICR
Travelers Companies, Inc.
a
a
bbb+
aa+
a+
a
a
aaaaaaaaa
aaa u
a
a
a
a+
aa- u
aa+
aa+
a
aaaa
a
aaaaaa+
aaa+
bbb
aaaaa
aaaaaa+
a
a
a
au
aa
rs
aaaa- u
a
aa
bbb+
aaaaaa
aaaaa
aaa
a
a
aaa+
a+
aaaaa+ u
a+ u
bbba+
Echelon Financial Holdings Inc.
Economical Mutual Insurance Company
Aviva plc
E-L Financial Corp Ltd
Everest Re Group, Ltd
Fairfax Financial Holdings Limited
Firstcan Management, Inc.
Independent Order of Foresters
Great-West Lifeco Inc
Princeton Holdings Limited
Independent Order of Foresters
Industrial Alliance Ins & Financial Svcs
Industrial Alliance Ins & Financial Svcs
Echelon Financial Holdings Inc.
Intact Financial Corporation
Intact Financial Corporation
Wilton Re Ltd
Intact Financial Corporation
Law Society of Upper Canada
Great-West Lifeco Inc
Manulife Financial Corporation
Firstcan Management, Inc.
Munich Reinsurance Company
Intact Financial Corporation
Fairfax Financial Holdings Limited
Fairfax Financial Holdings Limited
Fairfax Financial Holdings Limited
Intact Financial Corporation
Old Republic International Corporation
Optimum Group Inc
Optimum Group Inc
Optimum Group Inc
Optimum Group Inc
Samson Cree Nation
Aviva plc
Outlook/
Implication
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Developing
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Developing
Stable
Stable
Developing
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Negative
Stable
Stable
Outlook/
Implication
FSR
A
A
B++
AA
A
A
A
AA+
A+
A+
A+
A++u
A
A
A
A
A+ u
A++
A++
A
A+
A+
A
A+
A+
AA
A+
A
B++
A+
A+
A
A+
A+
A++
A
A
A
A u
A+
E
A+
A+ u
A
A+
B++
A+
AA++
A+
A++
A+
A
A
A
A+
A
A
AAAAA u
A u
B+
A
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Developing
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Developing
Stable
Stable
Developing
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Negative
Stable
Stable
March 2016
5
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Primerica Inc
Fairfax Financial Holdings Limited
aaaaaa
aaa
a
aaa+
aaaa+
aa+
a+
a+
aaaaau
aaaaaaaa+
aaaaaaaa- u
aaaaaa+
a+
aaa+
a
aa+
abb+
aabbbaaa
aaaaaaa
a+
a+
a+
a
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Positive
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Negative
Negative
Negative
Stable
A+
A+
A+
A+
A
A
A+
A
A+
A++
AA
A
A
A+
AAA u
A+
AAA+
A++
AA+
A+
A+
A- u
A+
A+
A++
A
A+
A
A
A++
AB
A+
B+
AAA
A+
AAA+
A
A
A
A
A
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Positive
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Atlantic Health System
BMI Financial Group, Inc.
Edmund Gibbons Limited
Caring Communities, a Reciprocal RRG
Bahamas First Holdings Limited
Schlumberger Limited
ProAssurance Corporation
Flexpoint Ultimate Mgmt II (Cayman) Ltd.
Greenlight Capital Re, Ltd.
Pan-American Life Mutual Holding Company
ITA International Holdings LLC
BF&M Limited
Don R. Hankey Trust
Knighthead Holdings Ltd.
MetLife Inc
NextEra Energy, Inc.
Pan-American Life Mutual Holding Company
abbb+
aa
aa
a+
a
a
a
bbb+
a
abbb+
au
a
a
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Negative
Stable
Developing
Stable
Stable
AB++
AA
AA
A
A
A
A
B++
A
AB++
A u
A
A
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Negative
Stable
Developing
Stable
Stable
Canada (continued)
060156 Primerica Life Insurance Company of Canada
069355 Principal Life Insurance Company (Canada Branch)
087742 Progressive Casualty Insurance Company (Canada Branch)
087082 Protective Insurance Company (Canada Branch)
066806 RBC Life Insurance Company
066843 ReliaStar Life Insurance Company (Canada Branch)
066817 RGA Life Reinsurance Company of Canada
066504 S&Y Insurance Company
066521 Safety National Casualty Corporation (Canada Branch)
085306 St. Paul Fire and Marine Insurance Company (Canada Branch)
085787 Saskatchewan Mutual Insurance Company
085445 SCOR Canada Reinsurance Company
066849 SCOR Global Life (Canada Branch)
085788 Scottish & York Insurance Company, Limited
087090 Sentry Insurance A Mutual Company (Canada Branch)
085786 SGI CANADA
086846 SGI CANADA Insurance Services Limited
087035 Sirius America Insurance Company (Canada Branch)
085142 Sompo Japan Insurance Inc. (Canada Branch)
085791 The Sovereign General Insurance Company
066903 SSQ Life Insurance Company, Inc.
087095 State Farm Fire and Casualty Company (Canada Branch)
087096 State Farm Mutual Automobile Insurance Company (Canada Branch)
086568 Stewart Title Guaranty Company (Canada Branch)
007101 Sun Life Assurance Company of Canada
066833 Swiss Reinsurance Company (Canada Branch)
085152 Swiss Reinsurance Company (Canada Branch)
089747 T.H.E. Insurance Company (Canada Branch)
085755 Temple Insurance Company
087793 The Toa Reinsurance Company of America (Canada Branch)
085141 Tokio Marine and Nichido Fire Insurance Company Limited (Canada Branch)
085795 Traders General Insurance Company
086189 Trafalgar Insurance Company of Canada
087099 Transatlantic Reinsurance Company (Canada Branch)
057080 Transportation Property and Casualty Company Inc.
086417 Travelers Insurance Company of Canada
066523 Trisura Guarantee Insurance Company
066537 Triton Insurance Company (Canada Branch)
069354 United American Insurance Company (Canada Branch)
066816 The Order of United Commercial Travelers of America (Canada Branch)
086430 Virginia Surety Company, Inc. (Canada Branch)
085801 Waterloo Insurance Company
060079 Wawanesa Life Insurance Company
085802 The Wawanesa Mutual Insurance Company
066506 Western Financial Insurance Company
066802 Western Life Assurance Company
086127 Westport Insurance Corporation (Canada Branch)
085753 Wynward Insurance Group
066500 XL Insurance Company SE (Canada Branch)
086146 XL Reinsurance America Inc (Canada Branch)
067531 XL Specialty Insurance Company (Canada Branch)
087124 Zenith Insurance Company
Cayman Islands
075251 AHS Insurance Company, Ltd.
086911 Best Meridian International Insurance Company SPC
086808 British Caymanian Insurance Company Limited
075478 Caring Communities Insurance Company
086807 Cayman First Insurance Company Limited
075057 Colliers Bay Insurance Limited
072142 Eastern Re Ltd., S.P.C.
093520 GeoVera Reinsurance, Ltd.
076873 Greenlight Reinsurance, Ltd.
075491 INRECO International Reinsurance Company
075811 Investors Trust Assurance SPC
086644 Island Heritage Insurance Company Limited
072139 Knight Insurance Company Ltd.
093754 Knighthead Annuity & Life Assurance Company
092935 MetLife Global Benefits, Ltd.
056454 Palms Insurance Company, Limited
057485 Pan-American International Insurance Corporation
Royal Bank of Canada
Reinsurance Group of America Inc
Aviva plc
SCOR SE
Aviva plc
Province of Saskatchewan
Province of Saskatchewan
The Co-operators Group Limited
Fonds de solidarité FTQ
Sun Life Financial Inc
Munich Reinsurance Company
Aviva plc
Intact Financial Corporation
South Coast British Columbia Transp
Travelers Companies, Inc.
Brookfield Asset Management Inc.
Economical Mutual Insurance Company
Wawanesa Mutual Insurance Company
Wawanesa Mutual Insurance Company
Fédération des Caisses DesJardins du QC
Fédération des Caisses DesJardins du QC
James Richardson & Sons, Limited
March 2016
6
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
ICR
Outlook/
Implication
FSR
Outlook/
Implication
aa
aaa-
Stable
Stable
Stable
Stable
Stable
AA
AAA-
Stable
Stable
Stable
Stable
Stable
aa
a
a
a
aa+
bbb u
a+
aa-
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Positive
Stable
Stable
AA
A
A
A
A++
B++u
A
AA-
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Positive
Stable
Stable
aa-
Stable
Stable
AA-
Stable
Stable
a-
Stable
A-
Stable
a
Stable
A
Stable
bbb+
Stable
B++
Stable
bbb
bbb
bbb
Stable
Stable
Stable
B++
B++
B++
Stable
Stable
Stable
a
Stable
A
Stable
a-
Positive
A-
Positive
LocalTapiola General Mutual Ins Co
a
Stable
A
Stable
Allianz SE
Allianz SE
Société de Groupe d’Assurance Mut Covéa
AXA S.A.
April S.A.
Caisse Centrale de Reassurance
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
SCOR SE
SCOR SE
SCOR SE
Société Hospitalière d’Assurances Mut
aaaaa
aaaaa
a
a
a+
a+
a+
a-
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Positive
Positive
Stable
A+
A+
A
A+
AA+
A
A
A
A
A
A-
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Positive
Positive
Stable
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
Allianz SE
Allianz SE
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
Deutsche Lufthansa Aktiengesellschaft
Deutsche Lufthansa Aktiengesellschaft
HDI V.a.G.
Berkshire Hathaway Inc.
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
HDI V.a.G.
HDI V.a.G.
HDI V.a.G.
HDI V.a.G.
HDI V.a.G.
HDI V.a.G.
Munich Reinsurance Company
a
a
aaaaa
a
a
a
a
aaaa+
a
a
a
aaa+
a+
a+
a+
aaaa-
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A
A
A+
A+
A
A
A
A
A
A+
A++
A
A
A
A+
A
A
A
A
A+
A+
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Ultimate Parent
Cayman islands (continued)
076891 Pillar Insurance, Ltd.
075658 Radius Insurance Company
055019 Raffles Insurance Limited
092776 Reaseguradora América SPC Ltd.
085099 United Insurance Company
China
090810 Aioi Nissay Dowa Insurance (China) Company Limited
090956 China Continent Property & Casualty Insurance Company Ltd
090957 China Life Reinsurance Company Ltd.
088692 China Property & Casualty Reinsurance Company Ltd.
090955 China Reinsurance (Group) Corporation
091609 General Reinsurance AG (Shanghai Branch)
090079 Hyundai Insurance (China) Co., Ltd.
078649 Lloyd’s Insurance Company (China) Limited
090988 NIPPONKOA Insurance Company (China) Limited
091102 Starr Property & Casualty Insurance (China) Company, Limited
Costa Rica
092545 Best Meridian Insurance Company (Costa Rica Branch)
086238 Instituto Nacional de Seguros
Cyprus
094303 Trust International Insurance & Reinsurance Company B.S.C. (closed) Trust Re (Cyprus Branch)
Czech Republic
083779 Ceska pojist’ovna, a.s.
Dominican Republic
084245 La Colonial, S.A. - Compañía de Seguros
Egypt
090946 Arab Misr Insurance Group S.A.E.
085257 Misr Insurance Company
092571 Misr Life Insurance Company
El Salvador
090425 Pan-American Life Insurance Company (El Salvador Branch)
Fiji
093910 The New India Assurance Company Limited (Fiji Branch)
Finland
085429 LocalTapiola General Mutual Insurance Company
France
078025 AGA International SA
093686 Allianz Worldwide Care S.A.
086322 Assurances Mutuelles de France
084358 AXA Global P&C
083186 Axéria Prévoyance
085834 Caisse Centrale de Reassurance
084095 Generali Iard
085695 Generali Vie
077365 SCOR Global Life SE
078344 SCOR Global P&C SE
085027 SCOR SE
078968 Société Hospitalière d’Assurances Mutuelles
Germany
085761 AachenMünchener Lebensversicherung AG
085302 AachenMünchener Versicherung AG
087997 Allianz Global Corporate & Specialty SE
085449 Allianz SE
085303 Central Krankenversicherung AG
085304 COSMOS Lebensversicherungs-AG
085382 COSMOS Versicherung AG
085437 Delvag Luftfahrtversicherungs-AG
084019 Delvag Rückversicherungs-AG
085064 E+S Rückversicherung AG
085310 General Reinsurance AG
084112 Generali Deutschland AG
085074 Generali Lebensversicherung AG
085076 Generali Versicherung AG
085070 Hannover Rück SE
078321 HDI Global Network AG
077779 HDI Global SE
085259 HDI Haftpflichtverband der Deutschen Industrie V.a.G.
085842 HDI Lebensversicherung Aktiengesellschaft
086486 International Insurance Company of Hannover SE
085011 Munich Reinsurance Company
Phillips 66
Grupo ASSA, S.A.
United Insurance Company
MS&AD Insurance Group Holdings, Inc.
China Investment Corporation
China Investment Corporation
China Investment Corporation
China Investment Corporation
Hyundai Marine & Fire Insurance Co Ltd
Lloyd’s
Sompo Japan Nipponkoa Holdings, Inc.
Starr International Company, Inc.
Assicurazioni Generali S.p.A.
Gulf Insurance Group K.S.C.P.
Misr Insurance Holding Co
Misr Insurance Holding Co
March 2016
7
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
OJSC INSURANCE CO OF GAZ INDUSTRY SOGAZ
bbb
Negative
B++
Negative
bb
Positive
B
Stable
a-
Stable
A-
Stable
bbb+
a+
bbb+
aaa-
Negative
Stable
Stable
Stable
Stable
B++
A
B++
AA+
Stable
Stable
Stable
Stable
Stable
bbb
a+
aa
a-
Stable
Stable
Stable
Positive
Stable
B++
A
AA
A-
Stable
Stable
Stable
Stable
Stable
a
Stable
A
Stable
China Merchants Bank Co., Ltd.
au
aa
a
aa
aaa u
aaaaa
a
a
bbb
a-
Negative
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A u
AA
A
AA
A++u
AAAAA
A
A
B++
A-
Negative
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Tryggingamidstodin hf.
bbb+
Stable
B++
Stable
New India Assurance Company Limited
abbb+
abbb+
bbb+
Stable
Stable
Positive
Stable
Stable
AB++
AB++
B++
Stable
Stable
Positive
Stable
Stable
Samsung Fire & Marine Insurance Co, Ltd
bbb+
a-
Stable
Stable
B++
A-
Stable
Stable
Chubb Limited
Allied World Assurance Co Holdings AG
AmTrust Financial Services, Inc
INOC, S.A.
AXIS Capital Holdings Limited
AXIS Capital Holdings Limited
Great-West Lifeco Inc
Wilmington Trust Company
Eni S.p.A.
Everest Re Group, Ltd
Greenlight Capital Re, Ltd.
HDI V.a.G.
Ironshore Inc.
Istmo Compañía de Reaseguros, Inc.
PartnerRe Ltd
PartnerRe Ltd
RenaissanceRe Holdings Ltd
SCOR SE
HDI V.a.G.
Finsoe S.p.A.
XL Group plc
Zurich Insurance Group Ltd
aa+ u
a+
a
a
aaaaa+
a+
a
aaa
aaau
aa+ u
a+ u
aaa+
a+
aa+
aa-
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Negative
Stable
Negative
Negative
Negative
Positive
Stable
Stable
Negative
Negative
A++u
A
A
A
A+
A+
A
A
A
A+
A
A+
A u
AA u
A u
A+
A
A
AA
A+
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Negative
Stable
Negative
Negative
Negative
Positive
Stable
Stable
Stable
Negative
Germany (continued)
084710 SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG
Ghana
090035 Ghana Reinsurance Company Limited
Gibraltar
022489 Watford Insurance Company Europe Limited
Guam
013922 Century Insurance Company (Guam) Limited
014135 Dongbu Insurance Co., Ltd. (Guam Branch)
013110 First Net Insurance Company
011448 Pacific Indemnity Insurance Company
012553 Tokio Marine Pacific Insurance Limited
Guernsey
071294 GBG Insurance Limited
073417 Hiscox Insurance Company (Guernsey) Limited
094441 Humboldt Re Limited
057796 Jupiter Insurance Limited
093711 Kelvin Re Limited
Honduras
077994 Pan-American Life Insurance Company (Honduras Branch)
Hong Kong
091430 AIG Insurance Hong Kong Limited
093337 Asia Capital Reinsurance Group Pte. Ltd. (Hong Kong Branch)
090678 Blue Cross (Asia-Pacific) Insurance Limited
092223 BOC Group Life Assurance Company Limited
077690 China BOCOM Insurance Company Limited
085402 China Taiping Insurance (HK) Company Limited
090042 Federal Insurance Company (Hong Kong Branch)
086939 Hong Leong Insurance (Asia) Limited
093906 The New India Assurance Company Limited (Hong Kong Branch)
091406 Peak Reinsurance Company Limited
077936 The People’s Insurance Company of China (Hong Kong), Limited
090772 Starr International Insurance (Asia) Limited
087838 Sun Hung Kai Properties Insurance Limited
085029 Taiping Reinsurance Company Limited
085637 Tugu Insurance Company Limited
084822 Wing Lung Insurance Company Limited
Iceland
083936 Tryggingamidstodin hf.
India
086041 General Insurance Corporation of India
086042 National Insurance Company Limited
086043 The New India Assurance Company Limited
086044 The Oriental Insurance Company Limited
085412 United India Insurance Company Limited
Indonesia
078591 PT Asuransi Jasa Indonesia (Persero)
091075 PT. Asuransi Samsung Tugu
Ireland
086833 ACE Bermuda International Insurance (Ireland) Limited
083090 Allied World Assurance Company (Europe) Limited
057399 AmTrust International Underwriters Limited
077332 Atradius Reinsurance Limited
083008 AXIS Re SE
083007 AXIS Specialty Europe SE
084304 Canada Life International Re Limited
078224 Electric Insurance Ireland Limited
090115 Eni Insurance Limited
013983 Everest Reinsurance Company (Ireland), Limited
091169 Greenlight Reinsurance Ireland, Limited
084133 Hannover Re (Ireland) Limited
091318 Ironshore Europe Limited
090833 Liffey Reinsurance Company Limited
078853 Partner Reinsurance Europe SE
088621 PartnerRe Ireland Insurance Limited
087847 Renaissance Reinsurance of Europe
078854 SCOR Global Life Reinsurance Ireland Limited
091913 Talanx Reinsurance (Ireland) Ltd.
073263 UnipolRe Limited
078455 XL Re Europe SE
085661 Zurich Insurance plc
Tan Holdings Corporation
Judith Moylan
Tokio Marine Holdings, Inc.
Saxton Lane Company Limited
Hiscox Ltd
BP p.l.c.
American International Group, Inc
The Bank of East Asia Limited
China Investment Corporation
Bank of Communications Co., Ltd.
China Taiping Insurance Group Ltd.
Hong Leong Company (Malaysia) Berhad
Fosun International Holdings Ltd.
People’s Ins Co (Group) of China Ltd
Starr International Company, Inc.
Sun Hung Kai Properties Limited
China Taiping Insurance Group Ltd.
March 2016
8
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Isle Of Man
086910 National Grid Insurance Company (Isle of Man) Limited
Italy
085309 Allianz S.p.A.
085071 Assicurazioni Generali S.p.A.
086554 Generali Italia S.p.A.
Jamaica
091514 NCB Insurance Company Limited
086086 Sagicor Life Jamaica Limited
Japan
085028 Aioi Nissay Dowa Insurance Company Limited
085446 American Family Life Assurance Company of Columbus (Japan Branch)
090532 Assicurazioni Generali S.p.A. (Japan Branch)
085255 The Dai-ichi Life Insurance Company, Limited
091222 Hyundai Marine and Fire Insurance Co., Ltd. (Japan Branch)
085358 Meiji Yasuda Life Insurance Company
084422 Mitsui Sumitomo Insurance Company, Limited
093361 The New India Assurance Company Limited (Japan Branch)
085457 Nippon Life Insurance Company
085258 Sompo Japan Nipponkoa Insurance Inc.
093225 Starr Indemnity & Liability Company (Japan Branch)
085179 The Toa Reinsurance Company, Limited
085100 Tokio Marine & Nichido Fire Insurance Co., Ltd.
Jordan
078183 Arab Orient Insurance Company
091740 ARABIA Insurance Company - Jordan
091584 First Insurance Company
088866 Jordan Insurance Company Plc.
078963 Jordan International Insurance Company
089837 Middle East Insurance Company Plc
Kazakhstan
078331 Eurasia Insurance Company JSC
091215 Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC
091331 Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC
090887 Insurance Company London-Almaty JSC
090884 JSC Insurance Company Centras Insurance
092322 Kommesk-Omir Insurance Company JSC
092524 Nomad Insurance Company JSC
093079 Standard Insurance Company JSC
092467 Victoria Insurance Company JSC
Kenya
077803 East Africa Reinsurance Company Limited
085416 Kenya Reinsurance Corporation Limited
078388 ZEP-RE (PTA Reinsurance Company)
Kuwait
090950 Gulf Insurance and Reinsurance Company K.S.C. (Closed)
090842 Gulf Insurance Group K.S.C.P.
085585 Kuwait Reinsurance Company K.S.C.P.
Lebanon
090592 Al Ittihad Al Watani (L’Union Nationale) Societe Generale d’Assurances du Proche Orient, sal
089190 Arab Reinsurance Company SAL
091312 ARABIA Insurance Company s.a.l.
092115 Bankers Assurance S.A.L.
Liechtenstein
078515 StarStone Insurance Europe AG
094253 W. R. Berkley Europe AG
Luxembourg
093455 AmTrust Captive Solutions Limited
093205 AmTrust Insurance Luxembourg S.A.
094361 Builders Direct S.A.
094157 Builders Reinsurance S.A.
056998 Casiopea Re S.A.
093825 iptiQ Life S.A.
089453 The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg)
086847 Swiss Re Europe S.A.
087600 Swiss Re International SE
078596 United Re (Europe) S.A.
084144 The West of England Ship Owners Mutual Insurance Association (Luxembourg)
Macau
092127 AIG Insurance Hong Kong Limited (Macau Branch)
078304 China Taiping Insurance (Macau) Co., Ltd.
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
National Grid plc
a
Stable
A
Stable
Allianz SE
Assicurazioni Generali S.p.A.
Assicurazioni Generali S.p.A.
aaa
a
Stable
Stable
Stable
A+
A
A
Stable
Stable
Stable
National Commercial Bank Jamaica Limited
Sagicor Financial Corporation
bb+
bbb-
Stable
Stable
B
B+
Stable
Stable
MS&AD Insurance Group Holdings, Inc.
aa
aaa
aaa
aaaa
aaaaaa
aaaa+
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
A+
A+
A
A+
A
A+
A+
AA+
A+
A
A+
A++
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Gulf Insurance Group K.S.C.P.
ARABIA Insurance Company s.a.l.
Solidarity Group Holding BSC (c)
bbb+
bbbbbb
bbb+
bbbbbb
Stable
Stable
Stable
Stable
Stable
Negative
B++
B+
B++
B++
B+
B++
Stable
Stable
Stable
Stable
Stable
Negative
Eurasian Financial Company JSC
Holding Group Almeks JSC
Holding Group Almeks JSC
Dostyk Leasing LLP
Centras Capital LLP
Centras Capital LLP
Nomad Insurance Group Limited
bbb+
bbb
bbbb
b
b+
bbbb- u
bbb-
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Negative
Stable
B++
B++
B+
C++
C++
C++
BB- u
B+
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Negative
Stable
bb+
bbbbbb-
Stable
Stable
Stable
B
B+
B+
Stable
Stable
Stable
Gulf Insurance Group K.S.C.P.
Gulf Insurance Group K.S.C.P.
Al Ahleia Insurance Company S.A.K.P.
aaa-
Positive
Positive
Stable
AAA-
Positive
Positive
Stable
ARABIA Insurance Company s.a.l.
Nasco Insurance Group Limited
b
bbbbbb+
bbb
Negative
Stable
Stable
Stable
C++
B+
B++
B++
Negative
Stable
Stable
Stable
Enstar Group Limited
W. R. Berkley Corporation
aaa-
Stable
Stable
AA+
Stable
Stable
AmTrust Financial Services, Inc
AmTrust Financial Services, Inc
HOCHTIEF AG
HOCHTIEF AG
Telefonica S A
Swiss Re Ltd
Swiss Re Ltd
Swiss Re Ltd
United Insurance Company
West of England Ship Owners Mut Ins Asn
a
a
aaaa+
aaaaaaa-
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
A
A
AAAA
AA+
A+
AA-
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
China Taiping Insurance Group Ltd.
au
a
Negative
Stable
A u
A
Negative
Stable
Dai-ichi Life Insurance Company, Limited
Meiji Yasuda Life Insurance Company
MS&AD Insurance Group Holdings, Inc.
Nippon Life Insurance Company
Sompo Japan Nipponkoa Holdings, Inc.
The Toa Reinsurance Company, Limited
Tokio Marine Holdings, Inc.
March 2016
9
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Dah Sing Financial Holdings Limited
Dah Sing Financial Holdings Limited
aaa-
Stable
Stable
Stable
AAA-
Stable
Stable
Stable
bbb+
aa
aaaaaabbb+
a
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
B++
AA
AAAAAAB++
A
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
a
a-
Stable
Stable
A
A-
Stable
Stable
a-
Positive
A-
Positive
QBE Insurance Group Limited
Quálitas Controladora, S.A.B. de C.V.
Peña Verde, S.A.B.
Grupo Financiero Inbursa, S.A.B. de C.V.
New York Life Insurance Company
XL Group plc
aaaab+
bbb+
bbb+
bbb+
a
bbb+
bbb+
bbb+
aabbb+
bbb
aa+
bbbaa
b+
abb
a
a
aa+
a+
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Negative
AAAAC++
B++
B++
B++
A
B++
B++
B++
AAB++
B++
AA
B+
AA
C++
AB
A
A
A++
A
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Marubeni Corporation
a-
Stable
A-
Stable
Caisse de Depot et de Gestion
bbb
Stable
B++
Stable
bbb+
bbb+
Stable
Stable
B++
B++
Stable
Stable
INOC, S.A.
Enel SpA
Coöperatie Univé U.A.
a
aa-
Stable
Stable
Stable
A
AA-
Stable
Stable
Stable
Beneficial Holdings Limited
National Australia Bank Limited
CBL Corporation Limited
Cigna Corporation
Co-operative Bank Limited
Haier Group Company
Turners Limited
aa
aabbba
bbb
abbb+
bbb+
bbb-
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A+
A+
B+
A
B++
AB++
B++
B+
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Macau (continued)
089625 Luen Fung Hang Insurance Company Limited
084138 Macau Insurance Company Limited
084244 Macau Life Insurance Company Limited
Malaysia
090060 ACR ReTakaful Berhad
090756 Asia Capital Reinsurance Malaysia Sdn Bhd
091269 Energas Insurance (L) Limited
093387 General Insurance Corporation of India (Labuan Branch)
086913 Labuan Reinsurance (L) Ltd
089132 Lonpac Insurance Bhd
078303 Malaysian Reinsurance Berhad
093253 Singapore Reinsurance Corporation Limited (Labuan Branch)
094305 Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re, Labuan (Malaysia Branch)
092785 Tune Protect Re Ltd
093446 Wentworth Insurance Company Limited (Labuan Branch)
Malta
091791 ArgoGlobal SE
090190 Axeria Re Limited
Mauritius
093911 The New India Assurance Company Limited (Mauritius Branch)
Mexico
088757 Afianzadora Aserta, S.A. de C.V.
085869 Afianzadora Insurgentes, S.A. de C.V.
091495 Afianzadora Punto Aserta S.A.
091478 Afianzadora Sofimex, S.A.
078003 ANA Compañía de Seguros, S.A. de C.V.
092888 Aserta Seguros Vida, S.A. de C.V., Grupo Financiero Aserta
078093 Assurant Daños México, S.A.
078094 Assurant Vida México, S.A.
078635 Atradius Seguros de Crédito, S.A.
078090 BUPA México, Compañía de Seguros, S.A. de C.V.
092650 CESCE Fianzas Mexico, S.A. de C.V.
077267 Cesce Mexico, S.A. de C.V.
091484 Dentegra Seguros Dentales, S.A.
083535 El Aguila, Compañía de Seguros, S.A. de C.V.
086515 General de Seguros, S.A.B.
077263 Grupo Mexicano de Seguros, S.A. de C.V.
085612 Grupo Nacional Provincial S.A.B.
086923 HDI-Gerling de México Seguros, S.A.
091458 Insignia Life S.A. de C.V.
091488 MAPFRE Fianzas, S.A.
086287 MAPFRE Tepeyac, S.A.
092644 Nezter Seguros, S.A. de C.V.
084250 QBE de México Compañía de Seguros, S.A. de C.V.
083016 Quálitas Compañía de Seguros S.A.B. de C.V.
086054 Reaseguradora Patria, S.A.
087006 Seguros Inbursa, S.A. Grupo Financiero Inbursa
085870 Seguros Monterrey New York Life, S.A. de C.V.
078108 XL Seguros México, S.A. de C.V.
Micronesia, Federated States Of
092427 Marble Reinsurance Corporation
Morocco
084052 Société Centrale de Réassurance
Nepal
093372 National Insurance Company Limited (Nepal Branch)
093242 The Oriental Insurance Company Limited (Nepal Branch)
Netherlands
086765 Atradius Credit Insurance N.V.
094069 Enel Insurance N.V.
077135 N.V. Univé Her
New Zealand
090607 Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch)
090237 American Income Life Insurance Company (New Zealand Branch)
092576 Beneficial Insurance Limited
091593 BNZ Life Insurance Limited
090870 CBL Insurance Limited
086363 CIGNA Life Insurance New Zealand Limited
091826 Co-operative Life Limited
084340 Consumer Insurance Services Limited
090856 DPL Insurance Limited
ACR ReTakaful Holdings Limited
Khazanah Nasional Berhad
Petroliam Nasional Berhad
LPI Capital Berhad
MNRB Holdings Berhad
Tune Protect Group Berhad
Argo Group International Holdings, Ltd
April S.A.
Grupo Financiero Aserta SA de C.V.
Grupo Financiero Aserta SA de C.V.
Grupo Financiero Aserta SA de C.V.
Grupo Maxasem, S.A. de C.V.
Grupo Financiero Aserta SA de C.V.
Assurant Inc
Assurant Inc
INOC, S.A.
British United Provident Association Ltd
Compañía Española de Seguros de Crédito
Compañía Española de Seguros de Crédito
Delta Dental of California
American Financial Group, Inc
Peña Verde, S.A.B.
Grupo Maxasem, S.A. de C.V.
Grupo Nacional Provincial S.A.B.
HDI V.a.G.
Proyecto Insignia, S.A.P.I. de C.V.
MAPFRE S.A.
MAPFRE S.A.
March 2016
10
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Rand Merchant Insurance Holdings Ltd
bbb
aa
a
aaa+
aa+
bb+
aabbaa
abbbabbb
bbb
bb+
bbb+
bbb
bbb
bb
aaaaaa+
aa
abbb
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
B++
AA
A
AA++
A++
B
AABA+
AB+
AB++
B++
B
B++
B++
B++
B
A+
A+
A++
AA
AB++
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
African Reinsurance Corporation
Assur Africa Holdings Limited
C-Re Holding Limited
Custodian and Allied Plc
Wapic Insurance Plc
abbbbbbbb
bb-
Positive
Positive
Stable
Positive
Stable
AB+
B+
B
B-
Positive
Positive
Stable
Stable
Stable
Muscat National Holding Company SAOG
Muscat National Holding Company SAOG
Oman National Investment Corp Holding
bbbbbbbbb
Stable
Stable
Stable
B+
B+
B++
Stable
Stable
Stable
Adamjee Insurance Company Limited
bbbbbb
Stable
Stable
B+
B++
Stable
Stable
Chubb Limited
Ancon Investment Corporation
Grupo ASSA, S.A.
Arden & Price Group
Istmo Compañía de Reaseguros, Inc.
Istmo Compañía de Reaseguros, Inc.
MAPFRE S.A.
Landeshut Holding Ltd.
au
aau
a
a
aaa
bbb-
Negative
Stable
Developing
Stable
Stable
Stable
Stable
Stable
Stable
A u
AA u
A
A
AAA
B+
Negative
Stable
Developing
Stable
Stable
Stable
Stable
Stable
Stable
Capital Insurance Group Limited
Capital Insurance Group Limited
bbbb-
Stable
Positive
BB-
Stable
Positive
Pan Malayan Mgmt & Investment Corp
bbb+
bbb
aa
Stable
Negative
Positive
Stable
B++
B++
AA
Stable
Negative
Positive
Stable
Fairfax Financial Holdings Limited
a-
Stable
A-
Stable
Chubb Limited
American International Group, Inc
Anglo Puerto Rican Insurance Corporation
Assurant Inc
Assurant Inc
aa+ u
au
a+
aa+
b- u
Negative
Negative
Stable
Stable
Stable
Negative
A++u
A u
A
AA
C+ u
Negative
Negative
Stable
Stable
Stable
Negative
Ultimate Parent
New Zealand (continued)
091607 The Education Benevolent Society Incorporated
090784 Fidelity Life Assurance Company Limited
090857 First American Title Insurance Company of Australia Pty Limited (New Zealand Branch)
078332 FMG Insurance Limited
078699 Foundation Life (NZ) Limited
077165 General Reinsurance Australia Ltd (New Zealand Branch)
091811 General Reinsurance Life Australia Limited (New Zealand Branch)
091066 Health Services Welfare Society Limited
094650 The Hollard Insurance Company Pty Ltd (New Zealand Branch)
092400 Kiwi Insurance Limited
094359 Lifetime Income Limited
077172 Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)
090239 The New India Assurance Company Limited (New Zealand Branch)
086375 New Zealand Local Government Insurance Corporation Limited
088912 nib nz limited
093644 Pacific International Insurance Pty Ltd (New Zealand Branch)
091252 Partners Life Limited
092782 Pinnacle Life Limited
091290 Police Health Plan Limited
091637 Product Care (NZ) Limited
092486 Provident Insurance Corporation Limited
094509 Quest Insurance Group Limited
091818 RGA Reinsurance Company (New Zealand Branch)
086404 Sovereign Assurance Company Limited
091824 Tokio Marine & Nichido Fire Insurance Company Limited (New Zealand Branch)
089186 TOWER Insurance Limited
091065 Union Medical Benefits Society Limited
090234 Virginia Surety Company, Inc. (New Zealand Branch)
093397 Youi NZ Pty Limited
Nigeria
083411 African Reinsurance Corporation
090312 AXA Mansard Insurance Plc
078723 Continental Reinsurance Plc
093617 Custodian and Allied Insurance Limited
093321 Wapic Insurance Plc
Oman
077842 Muscat Insurance Company SAOC
077843 Muscat Life Assurance Company SAOC
078110 National Life and General Insurance Company SAOC
Pakistan
085699 Adamjee Insurance Company Limited
086770 Jubilee General Insurance Company Limited
Panama
090179 ACE Seguros S.A.
087138 Aseguradora Ancón, S.A.
086937 ASSA Compañía de Seguros S.A.
091083 Barents Re Reinsurance Company, Inc.
087142 Compañía Internacional de Seguros, S.A.
090834 Del Istmo Assurance Corp
078448 Istmo Compañía de Reaseguros, Inc.
086149 Mapfre Panamá S.A.
091354 Worldwide Medical Assurance, Ltd. Corp.
Papua New Guinea
092953 Capital General Insurance Company Limited
092954 Capital Life Insurance Company Limited
Philippines
077617 Malayan Insurance Co., Inc.
086771 National Reinsurance Corporation of the Philippines
093907 The New India Assurance Company Limited (Philippines Branch)
093230 Starr International Insurance (Philippines Branch)
Poland
089013 Polskie Towarzystwo Reasekuracji S.A.
Puerto Rico
010652 ACE Insurance Company (Puerto Rico)
003536 AIG Insurance Company-Puerto Rico
004151 Antilles Insurance Company
068045 Caribbean American Life Assurance Company
011355 Caribbean American Property Insurance Company
007607 Cooperativa de Seguros de Vida de Puerto Rico
Farmers’ Mutual Group
Foundation Life (NZ) Holdings Limited
New Zealand Post Limited
Stewart Capital Limited
New Zealand Local Govt Ins Corp Ltd
nib holdings limited
Partners Group Holdings Limited
New Zealand Police Association
ICF Holdings Pty Ltd
Federal Pacific Group Limited
Commonwealth Bank of Australia
TOWER Limited
March 2016
11
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Cooperativa de Seguros Multiples de PR
Humana Inc.
Humana Inc.
Victor J Salgado & Associates Inc
MAPFRE S.A.
MAPFRE S.A.
MAPFRE S.A.
Ancon Investment Corporation
Ancon Investment Corporation
abbb+ u
bbb+ u
aa
a
a
bbb+
bbb
ccc u
bbbbbb
aabb
bbb+
bbb
abbb+
bbb+
a+
a
abbb+
Negative
Positive
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Negative
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
AB++u
B++u
AA
A
A
B++
B++
C u
B+
B++
AAB
B++
B++
AB++
B++
A
A
AB++
Negative
Positive
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Negative
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
aaa
bbb+
a
Stable
Stable
Stable
Stable
Stable
AAA
B++
A
Stable
Stable
Stable
Stable
Stable
bbb
bbbbbb-
Negative
Negative
Negative
B++
B+
B+
Negative
Negative
Negative
bbb-
Stable
B+
Stable
Starr International Company, Inc.
United Overseas Bank Limited
au
aa
abbb+
aaaa u
a
aaa
a
a+
aa
aa-
Negative
Stable
Stable
Negative
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
A u
AA
AB++
AA++u
A
A+
A
A
A
AA
A+
Negative
Stable
Stable
Negative
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Pozavarovalnica Sava d.d.
Zavarovalnica Triglav d.d.
Zavarovalnica Triglav d.d.
aaa-
Stable
Stable
Positive
AAA-
Stable
Stable
Positive
Berkshire Hathaway Inc.
aa+
Stable
A++
Stable
aaa+
aaa u
aa+
bbb
a
aaa
aa-
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A+
A
A++u
A++
B++
A
AAA
AA-
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Puerto Rico (continued)
003502 Cooperativa de Seguros Multiples de Puerto Rico
060162 Humana Health Plans of Puerto Rico, Inc.
008265 Humana Insurance of Puerto Rico, Inc.
003534 INTEGRAND Assurance Company
004290 MAPFRE Pan American Insurance Company
011116 MAPFRE PRAICO Insurance Company
003649 MAPFRE Preferred Risk Insurance Company
014362 Multinational Insurance Company
007447 Multinational Life Insurance Company
011317 Newport Bonding and Surety Company
022389 One Alliance Insurance Corporation
060399 Popular Life Re
013088 QBE Seguros
003828 Real Legacy Assurance Company, Inc.
012250 Tower Bonding and Surety Company
007132 Trans-Oceanic Life Insurance Company
006135 Triple-S Blue, Inc.
000370 Triple-S Propiedad, Inc.
068130 Triple-S Salud, Inc.
007631 Triple-S Vida, Inc.
011138 United Surety & Indemnity Company
003665 Universal Insurance Company (PR)
060097 Universal Life Insurance Company
060567 USIC Life Insurance Company
Qatar
078636 Doha Insurance Company Q.S.C.
085452 Qatar General Insurance and Reinsurance Company S.A.Q.
078335 Qatar Insurance Company S.A.Q.
078631 Qatar Islamic Insurance Company Q.S.C.
092612 QIC International LLC
Russia
078919 OJSC INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ
078871 Russian Reinsurance Company JSC
091390 Unity Reinsurance Company, Ltd.
Saudi Arabia
090704 Saudi United Cooperative Insurance Company (Wala’a)
Singapore
091421 AIG Asia Pacific Insurance Pte. Ltd.
078461 Asia Capital Reinsurance Group Pte. Ltd.
088853 China Taiping Insurance (Singapore) Pte. Ltd.
091957 ECICS Limited
086776 EQ Insurance Company Limited
091559 ERGO Insurance Pte. Ltd.
093151 Federal Insurance Company (Singapore Branch)
089433 First Capital Insurance Limited
094364 Great American Insurance Company (Singapore Branch)
093162 Korean Reinsurance Company (Singapore Branch)
091577 Samsung Reinsurance Pte. Ltd.
088684 SCOR Reinsurance Asia-Pacific Pte Ltd
085224 Singapore Reinsurance Corporation Limited
091708 Starr International Insurance (Singapore) Pte. Ltd.
086781 United Overseas Insurance Limited
Slovenia
083847 Pozavarovalnica Sava d.d.
088765 Pozavarovalnica Triglav Re, d.d.
092224 Zavarovalnica Triglav d.d.
South Africa
086651 General Reinsurance Africa Ltd
South Korea
093791 Construction Guarantee Cooperative
087968 Dongbu Insurance Co., Ltd.
090456 Federal Insurance Company (Korea Branch)
092056 General Reinsurance AG (Seoul Branch)
086796 Hanwha General Insurance Company Limited
085468 Hyundai Marine & Fire Insurance Co., Ltd.
086459 KB Insurance Co., Ltd.
092701 Korea P&I Club
085225 Korean Reinsurance Company
085600 Meritz Fire & Marine Insurance Co., Ltd.
093309 NongHyup Property and Casualty Insurance Company Limited
Oswaldo Karam
Popular, Inc.
QBE Insurance Group Limited
Cooperativa de Seguros Multiples de PR
Trans-Oceanic Group Inc
Triple-S Management Corporation
Triple-S Management Corporation
Triple-S Management Corporation
Triple-S Management Corporation
MRM Group, Inc.
Universal Group, Inc.
Universal Group, Inc.
MRM Group, Inc.
Qatar General Insurance & Reins Co SAQ
Qatar Insurance Company S.A.Q.
Qatar Insurance Company S.A.Q.
OJSC INSURANCE CO OF GAZ INDUSTRY SOGAZ
Astroway Limited
American International Group, Inc
ACR Capital Holdings Pte. Ltd.
China Taiping Insurance Group Ltd.
IFS Capital Limited
Citystate Capital Asia Pte. Ltd.
Munich Reinsurance Company
Fairfax Financial Holdings Limited
Samsung Fire & Marine Insurance Co, Ltd
SCOR SE
Dongbu Insurance Co., Ltd.
Hyundai Marine & Fire Insurance Co Ltd
KB Financial Group Inc.
Meritz Financial Group Inc.
Natl Agricultural Cooperative Federation
March 2016
12
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Samsung Fire & Marine Insurance Co, Ltd
aaaa+
Stable
Stable
A+
A++
Stable
Stable
INOC, S.A.
INOC, S.A.
MAPFRE S.A.
MAPFRE S.A.
Corporacion Europea de Inversiones
Ocaso, S.A. Seguros y Reaseguros
INOC, S.A.
Allianz SE
aa
a
a
aa+
aa-
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
AA
A
A
AA
AA-
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Goddard Enterprises Limited
bbb+
Positive
B++
Positive
Nagico Holdings Limited
bbb
Positive
B++
Stable
White Mountains Insurance Group Ltd
au
a-
Negative
Stable
A u
A-
Negative
Stable
Allianz SE
MS Amlin
XL Group plc
Swiss Re Ltd
Nestlé, S.A.
Munich Reinsurance Company
SCOR SE
Royal Dutch Shell plc
Sompo Japan Nipponkoa Holdings, Inc.
Swiss Re Ltd
Swiss Re Ltd
Tokio Marine Holdings, Inc.
Alleghany Corporation
Validus Holdings, Ltd.
XL Group plc
XL Group plc
Zurich Insurance Group Ltd
aaa+ u
a
aaaa
aaa+
aaa+
aaaaaa+
a+
a
a+
a+
aa-
Stable
Developing
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Negative
Negative
Negative
A+
A u
A
A+
A+
A+
A
A+
A
A+
A+
A++
A
A
A
A
A+
Stable
Developing
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Negative
Fubon Financial Holding Co., Ltd.
Hua Nan Financial Holdings Co. Ltd.
aa+ u
a
aaa u
a+
a
Negative
Stable
Negative
Stable
Stable
A++u
A
A++u
A
A
Negative
Stable
Negative
Stable
Stable
bb+
aaa-
Positive
Stable
Positive
Stable
B
AAA-
Positive
Stable
Positive
Stable
bb+
Stable
B
Stable
aaa-
Stable
Stable
Stable
AAA-
Stable
Stable
Stable
bbb-
Stable
B+
Stable
bbb-
Stable
B+
Stable
a- u
bbb+
bbb
aabbb+
abbb+
aaabb+
Negative
Positive
Stable
Stable
Stable
Positive
Stable
Positive
Stable
Stable
Stable
Negative
A- u
B++
B++
AAB++
AB++
AAAB
Negative
Positive
Stable
Stable
Stable
Positive
Stable
Positive
Stable
Stable
Stable
Stable
south Korea (continued)
088873 RGA Reinsurance Company (South Korea Branch)
085850 Samsung Fire & Marine Insurance Co., Ltd.
Spain
083556 Bilbao, Compañia Anonima de Seguros y Reaseguros S.A.
083565 Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A.U.
086801 MAPFRE GLOBAL RISKS, Compania Internacional de Seguros y Reaseguros S.A.
086277 MAPFRE RE, Compania de Reaseguros, S.A.
085481 Nacional de Reaseguros, S.A.
085823 Ocaso, S.A. Seguros y Reaseguros
084142 Seguros Catalana Occidente, S.A. de Seguros y Reaseguros
086153 Solunion Seguros de Crédito, Compañía Internacional de Seguros y Reaseguros S.A.
St. Lucia
092884 M&C General Insurance Company Limited
St. Maarten
089215 National General Insurance Corporation (NAGICO) N.V.
Sweden
086396 Sirius International Insurance Corporation (publ)
085716 The Swedish Club
Switzerland
077703 Allianz Risk Transfer AG
078117 Amlin AG
091292 Catlin Re Switzerland Ltd
085830 European Reinsurance Company of Zurich Ltd
078032 Intercona Re AG
085060 New Reinsurance Company Ltd.
084820 SCOR Switzerland AG
056958 Solen Versicherungen AG
078185 Sompo Japan Canopius Reinsurance AG
091982 Swiss Re Corporate Solutions Ltd
085009 Swiss Reinsurance Company Ltd
073848 Tokio Millennium Re AG
086500 TransRe Zurich Ltd.
078516 Validus Reinsurance (Switzerland) Ltd
078050 XL Insurance Switzerland Ltd
091507 XL Re Latin America Ltd.
085095 Zurich Insurance Company Limited
Taiwan
090633 ACE Insurance Company of North America (Taiwan Branch)
086496 Central Reinsurance Corporation
090632 Federal Insurance Company (Taiwan Branch)
086888 Fubon Insurance Co., Ltd.
084184 South China Insurance Co., Ltd.
Thailand
085568 Asian Reinsurance Corporation
086195 Bangkok Insurance Public Company Limited
093908 The New India Assurance Company Limited (Thailand Branch)
091691 Thaire Life Assurance Public Co., Ltd.
Togo
093852 CICA Re
Trinidad And Tobago
086364 Guardian General Insurance Limited
084191 Guardian Life of the Caribbean Limited
084218 Trinidad & Tobago Insurance Limited
Tunisia
083349 Societe Tunisienne de Reassurance
Turkey
085454 Milli Reasurans Turk Anonim Sirketi
United Arab Emirates
085825 Abu Dhabi National Insurance Company P.S.C.
090708 Abu Dhabi National Takaful Company P.S.C.
090714 Al-Sagr National Insurance Company P.S.C.
078732 Alliance Insurance (PSC)
093336 Asia Capital Reinsurance Group Pte. Ltd. (Dubai Branch)
090584 Dubai Insurance Company (PSC)
085401 Emirates Insurance Company P.S.C.
093190 Emirates Retakaful Limited
093386 General Insurance Corporation of India (Dubai Branch)
088930 Gulf Reinsurance Limited
090718 National General Insurance Company (P.S.C.)
092651 National Takaful Company (Watania) PJSC
Guardian Holdings Limited
Guardian Holdings Limited
ANSA McAL Limited
Turkiye Is Bankasi A.S.
Gulf General Investment Co. (P.S.C.)
Dubai Group
Arch Capital Group Ltd.
MB Holding Company LLC
March 2016
13
A.M. Best’s Non-U.S. Credit Ratings
AMB# Name
United Arab Emirates (continued)
078177 Oman Insurance Company P.S.C.
078593 Orient Insurance PJSC
090357 Union Insurance Company P.S.C.
United Kingdom
086485 ACE European Group Limited
078652 Aetna Insurance Company Limited
087416 AIG Europe Limited
087400 AmTrust Europe Limited
077102 Arch Insurance Company (Europe) Limited
084806 Aspen Insurance UK Limited
078773 Aviva Insurance Limited
085047 Aviva International Insurance Limited
077622 Catlin Insurance Company (UK) Ltd.
087273 China Taiping Insurance (UK) Company Limited
085630 Chubb Insurance Company of Europe SE
087327 EC Insurance Company Limited
086286 Ecclesiastical Insurance Office plc
083234 Endurance Worldwide Insurance Limited
093764 Fidelis Underwriting Limited
086695 First Title Insurance plc
086513 FM Insurance Company Limited
093388 General Insurance Corporation of India (United Kingdom Branch)
086160 Great Lakes Reinsurance (UK) SE
078730 Hartford Financial Products International Limited
086912 Hiscox Insurance Company Limited
086999 HSB Engineering Insurance Limited
091476 International General Insurance Company (UK) Limited
078390 Lancashire Insurance Company (UK) Limited
084279 Legal and General Assurance Society Limited
087425 Liberty Mutual Insurance Europe Limited
085202 Lloyd’s
048293 Lloyd’s Syndicate 1183 (Talbot Underwriting Ltd)
048312 Lloyd’s Syndicate 1225 (AEGIS Managing Agency Limited)
048337 Lloyd’s Syndicate 2001 (Amlin Underwriting Limited)
048339 Lloyd’s Syndicate 2003 (Catlin Underwriting Agencies Limited)
048932 Lloyd’s Syndicate 2010 (Cathedral Underwriting Limited)
048946 Lloyd’s Syndicate 2623 (Beazley Furlonge Limited)
048945 Lloyd’s Syndicate 3000 (Markel Syndicate Management Limited)
047731 Lloyd’s Syndicate 33 (Hiscox Syndicates Limited)
049253 Lloyd’s Syndicate 3622 (Beazley Furlonge Limited)
049246 Lloyd’s Syndicate 3623 (Beazley Furlonge Limited)
047972 Lloyd’s Syndicate 510 (Tokio Marine Kiln Syndicates Limited)
048937 Lloyd’s Syndicate 623 (Beazley Furlonge Limited)
087438 London General Insurance Company Limited
084203 London General Life Company Limited
085173 Markel International Insurance Company Limited
087706 The New India Assurance Company Limited (United Kingdom Branch)
078187 Newline Insurance Company Limited
086126 QBE Insurance (Europe) Limited
085516 QBE Re (Europe) Limited
091214 Samsung Fire & Marine Insurance Company of Europe, Limited
085448 SCOR UK Company Limited
092292 Starr Insurance & Reinsurance Limited (United Kingdom Branch)
088986 Starstone Insurance Limited
077364 Stewart Title Limited
072513 The United Kingdom Mutual War Risks Association Ltd.
093227 TransRe London Limited
087376 Travelers Casualty and Surety Company of Europe Limited
085363 Travelers Insurance Company Limited
084975 TT Club Mutual Insurance Limited
087660 USAA Limited
083829 W. R. Berkley Insurance (Europe), Limited
087674 XL Insurance Company SE
Vietnam
092245 BIDV Insurance Corporation
091542 PVI Insurance Corporation
091541 PVI Reinsurance Joint-stock Corporation
091397 Samsung Vina Insurance Co., Ltd.
091508 Vietnam National Reinsurance Corporation
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Mashreqbank psc
Al Futtaim Private Company LLC
a
a
bbb
Stable
Stable
Positive
A
A
B++
Stable
Stable
Stable
Chubb Limited
Aetna Inc.
American International Group, Inc
AmTrust Financial Services, Inc
Arch Capital Group Ltd.
Aspen Insurance Holdings Limited
Aviva plc
Aviva plc
XL Group plc
China Taiping Insurance Group Ltd.
Chubb Limited
Electrical Contractors’ Association
Allchurches Trust Limited
Endurance Specialty Holdings Ltd.
Fidelis Insurance Holdings Limited
First American Financial Corporation
Factory Mutual Insurance Company
aa+ u
a- u
au
a
aaa
a+
a+
a
bbb+
aaa u
aa
a
aa
aa
aaaaaa+
aa+
aa
aaa
a+
a+
a+
aa- u
a+
a+
a+
a+
a+
a+
a+
a+
a+
aaa+
aa+
a
a
a
a+
a
aaaa+
aa+
a+
aaaa
a+
a+
Negative
Negative
Negative
Stable
Stable
Positive
Stable
Stable
Positive
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Positive
Positive
Developing
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Negative
Negative
A++u
A- u
A u
A
A+
A
A
A
A
B++
A++u
AA
A
AA
A+
AA+
A+
A
A++
AA
A+
A
A
A s
A s
A+ u
A s
A s
A s
A s
A s
A s
A s
A s
A s
AAA
AA
A
A
A
A
A
AAAA
A++
A
AA++
A
A
Negative
Negative
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Positive
Positive
Developing
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
bbbbbb
bbbabbb
Stable
Positive
Positive
Stable
Positive
B+
B++
B+
AB++
Stable
Stable
Positive
Stable
Stable
Munich Reinsurance Company
Hartford Financial Services Group Inc
Hiscox Ltd
Munich Reinsurance Company
International General Insur Holdings Ltd
Lancashire Holdings Limited
Legal & General Group Plc
Liberty Mutual Holding Company Inc.
Lloyd’s
Wolverine Advisors, Inc.
Wolverine Advisors, Inc.
Markel Corporation
Fairfax Financial Holdings Limited
QBE Insurance Group Limited
QBE Insurance Group Limited
Samsung Fire & Marine Insurance Co, Ltd
SCOR SE
Enstar Group Limited
Stewart Information Services Corporation
Alleghany Corporation
Travelers Companies, Inc.
Travelers Companies, Inc.
Through Transport Mutual Ins Assoc Ltd
United Services Automobile Association
W. R. Berkley Corporation
XL Group plc
Bank for Invest & Develop of Vietnam JSC
Vietnam National Oil & Gas Group
Vietnam National Oil & Gas Group
Samsung Fire & Marine Insurance Co, Ltd
March 2016
14
BEST’S ISSUER CREDIT RATING GUIDE
A Best’s Issuer Credit Rating (ICR) is an independent opinion of an entity’s ability to meet its ongoing financial obligations and can be issued on either a long- or
short-term basis. A long-term ICR is an opinion of an entity’s ability to meet its ongoing senior financial obligations, while a short-term ICR is an opinion of an
entity’s ability to meet its ongoing financial obligations with original maturities generally less than one year. An ICR is an opinion regarding the relative future
credit risk of an entity. Credit risk is the risk that an entity may not meet its contractual financial obligations as they come due. An ICR does not address any
other risk. In addition, an ICR is not a recommendation to buy, sell or hold any securities, contracts or any other financial obligations, nor does it address the
suitability of any particular financial obligation for a specific purpose or purchaser.
Best’s Long-Term Issuer Credit Rating (ICR) Scale
Rating
Categories
Rating
Symbols
Rating
Notches*
Category
Definitions
Exceptional
aaa
-
Assigned to entities that have, in our opinion, an exceptional ability to meet their ongoing senior financial obligations.
Superior
aa
aa+ / aa-
Assigned to entities that have, in our opinion, a superior ability to meet their ongoing senior financial obligations.
Excellent
a
a+ / a-
Assigned to entities that have, in our opinion, an excellent ability to meet their ongoing senior financial obligations.
Good
bbb
bbb+ / bbb- Assigned to entities that have, in our opinion, a good ability to meet their ongoing senior financial obligations.
Fair
bb
bb+ / bb-
Assigned to entities that have, in our opinion, a fair ability to meet their ongoing senior financial obligations.
Credit quality is vulnerable to adverse changes in industry and economic conditions.
Marginal
b
b+ / b-
Assigned to entities that have, in our opinion, a marginal ability to meet their ongoing senior financial obligations.
Credit quality is vulnerable to adverse changes in industry and economic conditions
Weak
ccc
ccc+ / ccc-
Assigned to entities that have, in our opinion, a weak ability to meet their ongoing senior financial obligations.
Credit quality is vulnerable to adverse changes in industry and economic conditions.
Very Weak
cc
-
Assigned to entities that have, in our opinion, a very weak ability to meet their ongoing senior financial obligations.
Credit quality is very vulnerable to adverse changes in industry and economic conditions.
Poor
c
-
Assigned to entities that have, in our opinion, a poor ability to meet their ongoing senior financial obligations.
Credit quality is extremely vulnerable to adverse changes in industry and economic conditions.
*Best’s Long-Term Issuer Credit Rating Categories from “aa” to “ccc” include Rating Notches to reflect a gradation within the category to indicate whether credit quality
is near the top or bottom of a particular Rating Category. Rating Notches are expressed with a “+” (plus) or “-” (minus).
Best’s Short-Term Issuer Credit Rating (ICR) Scale
Rating
Categories
Rating
Symbols
Category
Definitions
Strongest
AMB-1+
Assigned to entities that have, in our opinion, the strongest ability to repay their short-term financial obligations.
Outstanding
AMB-1
Assigned to entities that have, in our opinion, an outstanding ability to repay their short-term financial obligations.
Satisfactory
AMB-2
Assigned to entities that have, in our opinion, a satisfactory ability to repay their short-term financial obligations.
Adequate
AMB-3
Assigned to entities that have, in our opinion, an adequate ability to repay their short-term financial obligations; however, adverse
industry or economic conditions likely will reduce their capacity to meet their financial commitments.
Questionable
AMB-4
Assigned to entities that have, in our opinion, questionable credit quality and are vulnerable to adverse economic or other
external changes, which could have a marked impact on their ability to meet their financial commitments.
Long- and Short-Term ICR Non-Rating Designations
Designation
Symbols
Designation
Definitions
d
Status assigned to entities (excluding insurers) that are in default or when a bankruptcy petition or similar action has been filed and made public.
e
Status assigned to insurers that are publicly placed under a significant form of regulatory supervision, control or restraint - including cease and
desist orders, conservatorship or rehabilitation, but not liquidation - that prevents conduct of normal ongoing operations; an impaired entity.
f
Status assigned to insurers that are publicly placed in liquidation by a court of law or by a forced liquidation; an impaired entity.
s
Status assigned to rated entities to suspend the outstanding ICR when sudden and significant events impact operations and rating
implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the previously
published rating opinion is in violation of evolving regulatory requirements.
nr
Status assigned to entities that are not rated; may include previously rated entities or entities that have never been rated by AMB.
Rating Disclosure: Use and Limitations
A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s or financial obligation’s relative
creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength,
operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking
opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate
or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and
notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of
credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches)
used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that
are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Company Inc. (AMB) of relative creditworthiness, it
is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not
investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase,
hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or
contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be
considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any
expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AMB.
BCRs are distributed via the AMB website at www.ambest.com. For additional information regarding the development of a BCR and other rating-related
information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled “Understanding Best’s Credit Ratings”
available at no charge on the AMB website. BCRs are proprietary and may not be reproduced without permission.
Copyright © 2015 by A.M. Best Company, Inc.
Version 061515
A
M
BEST
®
March 2016
15
BEST’S FINANCIAL STRENGTH RATING GUIDE
A Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract
obligations. An FSR is not assigned to specific insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer’s
claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific
liability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance policy, contract
or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.
Best’s Financial Strength Rating (FSR) Scale
Rating
Categories
Rating
Symbols
Rating
Notches*
Category
Definitions
Superior
A+
A++
Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations.
Excellent
A
A-
Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing insurance obligations.
Good
B+
B++
Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing insurance obligations.
Fair
B
B-
Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing insurance obligations.
Financial strength is vulnerable to adverse changes in underwriting and economic conditions.
Marginal
C+
C++
Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing insurance obligations.
Financial strength is vulnerable to adverse changes in underwriting and economic conditions.
Weak
C
C-
Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing insurance obligations.
Financial strength is very vulnerable to adverse changes in underwriting and economic conditions.
Poor
D
-
Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing insurance obligations.
Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions.
*Each Best’s Financial Strength Rating Category from “A+” to “C” includes a Rating Notch to reflect a gradation of financial strength within the category. A Rating
Notch is expressed with either a second plus “+” or a minus “-”.
FSR Non-Rating Designations
Designation
Symbols
Designation
Definitions
E
Status assigned to insurance companies that are publicly placed under a significant form of regulatory supervision, control or restraint including cease and desist orders, conservatorship or rehabilitation, but not liquidation - that prevents conduct of normal ongoing insurance
operations; an impaired insurer.
F
Status assigned to insurance companies that are publicly placed in liquidation by a court of law or by a forced liquidation; an impaired insurer.
S
Status assigned to rated insurance companies to suspend the outstanding FSR when sudden and significant events impact operations and
rating implications cannot be evaluated due to a lack of timely or adequate information; or in cases where continued maintenance of the
previously published rating opinion is in violation of evolving regulatory requirements.
NR
Status assigned to insurance companies that are not rated; may include previously rated insurance companies or insurance companies that
have never been rated by AMB.
Rating Disclosure: Use and Limitations
A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s or financial obligation’s relative
creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength,
operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking
opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate
or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and
notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of
credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches)
used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that
are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Company Inc. (AMB) of relative creditworthiness, it
is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer or financial obligation. A BCR is not
investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilized as a recommendation to purchase,
hold or terminate any insurance policy, contract, security or any other financial obligation, nor does it address the suitability of any particular policy or
contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be
considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any
expressed or implied warranty. In addition, a BCR may be changed, suspended or withdrawn at any time for any reason at the sole discretion of AMB.
BCRs are distributed via the AMB website at www.ambest.com. For additional information regarding the development of a BCR and other rating-related
information and definitions, including outlooks, modifiers, identifiers and affiliation codes, please refer to the report titled “Understanding Best’s Credit Ratings”
available at no charge on the AMB website. BCRs are proprietary and may not be reproduced without permission.
Copyright © 2015 by A.M. Best Company, Inc.
Version 061515
March 2016
16
Founded in 1899, A.M. Best Company is the world’s oldest and
most authoritative insurance rating and information source. For
more information, visit www.ambest.com.
A.M. Best Company, Inc.
Oldwick, NJ 08858
A.M. Best Rating Services, Inc.
Oldwick, NJ 08858
world headquarters
1 Ambest Road, Oldwick, NJ 08858
Phone: +1 908 439 2200
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Phone: +1 202 347 3090
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Phone: +44 20 7626 6264
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Phone: +852 2827 3400
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Phone: +65 6589 8400
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Office 102,Tower 2, Currency House, DIFC
P.O. Box 506617, Dubai, UAE
Phone: +971 4375 2780
*Regulated by the DFSA as a Representative Office
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Mexico City, Mexico
Phone: +52 55 1102 2720
NUS-2016-03a