May 2014
A.M. Best
Credit Ratings
Asia-Pacific
A.M. Best
May 2014
Asia-Pacific Credit Ratings
T
his report includes credit ratings for all companies domiciled
in Asia-Pacific, 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 30 April, 2014. For current ratings
please visit www.ambest.com.
Country Totals
Australia . . . . . . . . . . . . . . . . . . . . 8
Bhutan . . . . . . . . . . . . . . . . . . . . . . 1
China . . . . . . . . . . . . . . . . . . . . . . . 7
Guam . . . . . . . . . . . . . . . . . . . . . . . 5
Hong Kong . . . . . . . . . . . . . . . . . . 14
India . . . . . . . . . . . . . . . . . . . . . . . . 5
Indonesia . . . . . . . . . . . . . . . . . . . . 2
Japan . . . . . . . . . . . . . . . . . . . . . . 15
Macau . . . . . . . . . . . . . . . . . . . . . . 5
Malaysia . . . . . . . . . . . . . . . . . . . . . 9
AMB# Name
Australia
091420 AIG Australia Limited
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
084314 QBE Insurance (International) Ltd
Bhutan
093021 Royal Insurance Corporation of Bhutan Limited
China
090810 Aioi Nissay Dowa Insurance (China) Company Limited
090957 China Life Reinsurance Company Ltd.
088692 China Property & Casualty Reinsurance Company Ltd.
090955 China Reinsurance (Group) Corporation
090079 Hyundai Insurance (China) Co., Ltd.
078649 Lloyd’s Insurance Company (China) Limited
090988 NIPPONKOA Insurance Company (China) Limited
Guam
013922 Century Insurance Company (Guam) Limited
014135 Dongbu Insurance Co., Ltd. (U.S. Guam Branch)
013110 First Net Insurance Company
011448 Pacific Indemnity Insurance Company
012553 Tokio Marine Pacific Insurance Limited
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
077931 China Overseas Insurance Limited
085402 China Taiping Insurance HK Company Limited
090042 Federal Insurance Company (Hong Kong Branch)
086939 Hong Leong Insurance (Asia) Limited
091406 Peak Reinsurance Company Limited
Micronesia, Federated States of . . . 1
Nepal . . . . . . . . . . . . . . . . . . . . . . . 2
New Zealand . . . . . . . . . . . . . . . . 31
Northern Mariana Islands . . . . . . . 1
Philippines . . . . . . . . . . . . . . . . . . . 3
Singapore . . . . . . . . . . . . . . . . . . . 13
South Korea . . . . . . . . . . . . . . . . . 10
Taiwan . . . . . . . . . . . . . . . . . . . . . . 5
Thailand . . . . . . . . . . . . . . . . . . . . . 2
Vietnam . . . . . . . . . . . . . . . . . . . . . 4
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
American International Group, Inc
Allchurches Trust Limited
The Chubb Corporation
First American Financial Corporation
Berkshire Hathaway Inc
Berkshire Hathaway Inc
The Pharmacy Guild of Australia
QBE Insurance Group Limited
a
aaa+
aaa+
aa+
aa
Stable
Stable
Positive
Positive
Stable
Stable
Positive
Negative
A
AA++
AA++
A++
AA
Stable
Stable
Stable
Positive
Stable
Stable
Positive
Negative
bbb-
Stable
B+
Stable
MS&AD Insurance Group Holdings, Inc.
China Investment Corporation
China Investment Corporation
China Investment Corporation
Hyundai Marine & Fire Insurance Co Ltd
Lloyd’s
NKSJ Holdings, Inc.
aa
a
a
a- u
a+
a-
Stable
Stable
Stable
Stable
Negative
Positive
Stable
AA
A
A
A- u
A
A-
Stable
Stable
Stable
Stable
Negative
Positive
Stable
Tan Holdings Corporation
bbb+
a
bbb+
aaa-
Stable
Positive
Stable
Stable
Stable
B++
A
B++
AA+
Stable
Stable
Stable
Stable
Stable
a
aaa
bbb
a
aa+
aa-
Stable
Stable
Positive
Stable
Stable
Stable
Positive
Stable
Stable
A
AAA
B++
A
A++
AA-
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Tokio Marine Holdings, Inc.
American International Group, Inc
Bank of East Asia Limited
China Investment Corporation
China State Construction Engineering Cp
China Taiping Insurance Group Ltd.
Hong Leong Company (Malaysia) Berhad
Fosun International Holdings Ltd.
Copyright © 2014 by A.M. Best Company, Inc. 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 Asia-Pacific Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
Starr International Company, Inc.
Sun Hung Kai Properties Limited
China Taiping Insurance Group Ltd.
PT PERTAMINA (PERSERO)
China Merchants Bank Co., Ltd.
a
a
abbb
a-
Stable
Stable
Stable
Stable
Stable
A
A
AB++
A-
Stable
Stable
Stable
Stable
Stable
abbb+
abbb+
bbb+
Stable
Stable
Stable
Positive
Positive
AB++
AB++
B++
Stable
Stable
Stable
Positive
Positive
bbb+
a-
Stable
Stable
B++
A-
Stable
Stable
aa
a
aaa
a
a
a
aaaa
aaaaaaa
aaaa+
Stable
Stable
Stable
Stable
Negative
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++
Stable
Stable
Stable
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
a
a
aaa-
Stable
Stable
Stable
Stable
Stable
A
A
AAA-
Stable
Stable
Stable
Stable
Stable
aaa
aaaaaa-
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
AAA
AAAAAA-
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
a-
Stable
A-
Stable
bbb+
bbb+
Stable
Positive
B++
B++
Stable
Positive
aa
abbba
bbbabbb+
bbb+
bbbbbb
a
aaa
aaa
abbb-
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Negative
A+
AB+
A
B+
AB++
B++
B+
B++
A
AAA
AA+
AB+
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Negative
hong kong (continued)
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
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
Japan
085028 Aioi Nissay Dowa Insurance Company Limited
090523 AIU Insurance Company, Ltd.
085446 American Family Life Assurance Company of Columbus (Japan Branch)
090524 American Home Assurance Company (Japan Branch)
090532 Assicurazioni Generali S.p.A. (Japan Branch)
085251 The Fuji Fire & Marine 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
085457 Nippon Life Insurance Company
084413 NIPPONKOA Insurance Company Ltd
085258 Sompo Japan Insurance Inc.
093225 Starr Indemnity & Liability Company (Japan Branch)
085179 The Toa Reinsurance Company, Limited
085100 Tokio Marine & Nichido Fire Insurance Co., Ltd.
Macau
092127 AIG Insurance Hong Kong Limited (Macau Branch)
078304 China Taiping Insurance (Macau) Co., Ltd.
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)
093446 Wentworth Insurance Company Limited (Labuan Branch)
Micronesia, Federated States Of
092427 Marble Reinsurance Corporation
Nepal
093372 National Insurance Company Limited (Nepal Branch)
093242 The Oriental Insurance Company Limited (Nepal Branch)
New Zealand
090607 Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch)
092662 AMI Insurance Limited
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
091607 The Education Benevolent Society Incorporated
086379 Farmers’ Mutual Group
090784 Fidelity Life Assurance Company Limited
090857 First American Title Insurance Company of Australia Pty Limited (New Zealand Branch)
078332 FMG Insurance Limited
092400 Kiwi Insurance 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
Samsung Fire & Marine Insurance Co, Ltd
MS&AD Insurance Group Holdings, Inc.
American International Group, Inc
American International Group, Inc
Meiji Yasuda Life Insurance Company
MS&AD Insurance Group Holdings, Inc.
Nippon Life Insurance Company
NKSJ Holdings, Inc.
NKSJ Holdings, Inc.
The Toa Reinsurance Company, Limited
Tokio Marine Holdings, Inc.
China Taiping Insurance Group Ltd.
Dah Sing Financial Holdings Limited
Dah Sing Financial Holdings Limited
ACR ReTakaful Holdings Limited
Khazanah Nasional Berhad
Petroliam Nasional Berhad
LPI Capital Berhad
MNRB Holdings Berhad
Marubeni Corporation
Insurance Australia Group Limited
Broadlands Finance Limited
National Australia Bank Limited
CBL Corporation Limited
Cigna Corporation
Co-operative Bank Limited
Haier Group Company
Dorchester Pacific Limited
Farmers’ Mutual Group
Farmers’ Mutual Group
New Zealand Post Limited
New Zealand Local Govt Ins Corp Ltd
May 2014
2
A.M. Best’s Asia-Pacific Credit Ratings
AMB# Name
Ultimate Parent
ICR
Outlook/
Implication
FSR
Outlook/
Implication
nib holdings limited
abbb
bbb
bb+
bbb+
bbb
bbb
aaaaaaaa-
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Negative
Stable
Stable
AB++
B++
B
B++
B++
B++
A+
A+
AAAA-
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Negative
Negative
Stable
Stable
Tan Holdings Corporation
bbb-
Stable
B+
Stable
Pan Malayan Mgmt & Investment Corp
bbb+
bbb
a
Stable
Stable
Stable
B++
B++
A
Stable
Stable
Stable
American International Group, Inc
ACR Capital Holdings Pte. Ltd.
China Taiping Insurance Group Ltd.
IFS Capital Limited
a
aaaaa+
a
a
a
a+
aaa
aa-
Positive
Stable
Stable
Stable
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A
AAAA++
A
A
A
A
AAA
A+
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Samsung Fire & Marine Insurance Co, Ltd
a
aa+
bbb
a
aa
aaaaaa+
Positive
Positive
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
A
A++
B++
A
AA
AAA+
A++
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Fubon Financial Holding Co., Ltd.
Hua Nan Financial Holdings Co. Ltd.
aa+
a
aa+
a+
a-
Stable
Stable
Positive
Stable
Positive
A++
A
A++
A
A-
Stable
Stable
Stable
Stable
Positive
bb
a-
Positive
Stable
B
A-
Positive
Stable
bbb
bbbabbb
Stable
Positive
Stable
Stable
B++
B+
AB++
Stable
Positive
Stable
Stable
new zealand (continued)
088912 NIB NZ Limited
078302 Pacific International Insurance Limited
091252 Partners Life Limited
092782 Pinnacle Life Limited
091290 Police Health Plan Limited
091637 Product Care (NZ) Limited
092486 Provident Insurance Corporation Limited
091818 RGA Reinsurance Company (New Zealand Branch)
086404 Sovereign Assurance Company Limited
089186 TOWER Insurance Limited
078699 TOWER Life (N.Z.) Limited
091065 Union Medical Benefits Society Limited
090234 Virginia Surety Company, Inc. (New Zealand Branch)
Northern Mariana Islands
077620 Century Insurance Company, Ltd.
Philippines
077617 Malayan Insurance Co., Inc.
086771 National Reinsurance Corporation of the Philippines
093230 Starr International Insurance (Philippines Branch)
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
093151 Federal Insurance Company (Singapore Branch)
089433 First Capital Insurance Limited
093162 Korean Reinsurance Company (Singapore Branch)
091577 Samsung Reinsurance Pte. Ltd.
088684 SCOR Reinsurance Asia-Pacific Pte Ltd
091559 SHC Insurance Pte. Ltd.
085224 Singapore Reinsurance Corporation Limited
091708 Starr International Insurance (Singapore) Pte. Ltd.
086781 United Overseas Insurance Limited
South Korea
087968 Dongbu Insurance Co., Ltd.
090456 Federal Insurance Company (Korea Branch)
086796 Hanwha General Insurance Company Limited
085468 Hyundai Marine & Fire Insurance Co., Ltd.
092701 Korea P&I Club
085225 Korean Reinsurance Company
086459 LIG Insurance Company Limited
085600 Meritz Fire & Marine Insurance Co., Ltd.
088873 RGA Reinsurance Company (South Korea Branch)
085850 Samsung Fire & Marine Insurance Co., Ltd.
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
VietNam
091542 PVI Insurance Corporation
091541 PVI Reinsurance Joint-stock Corporation
091397 Samsung Vina Insurance Limited
091508 Vietnam National Reinsurance Corporation
Partners Group Holdings Limited
New Zealand Police Association
ICF Holdings Pty Ltd
Commonwealth Bank of Australia
TOWER Limited
TOWER Limited
Fairfax Financial Holdings Limited
Samsung Fire & Marine Insurance Co, Ltd
SCOR SE
See Hoy Chan Sdn. Berhad
Starr International Company, Inc.
United Overseas Bank Limited
Dongbu Insurance Co., Ltd.
Hyundai Marine & Fire Insurance Co Ltd
LIG Insurance Company Limited
Meritz Financial Group Inc.
Vietnam National Oil & Gas Group
Vietnam National Oil & Gas Group
Samsung Fire & Marine Insurance Co, Ltd
May 2014
3
GUIDE TO BEST’S ISSUER CREDIT RATINGS
Non-Investment Grade
Investment Grade
A Best’s Issuer Credit Rating assigned to an insurance company is an independent opinion of an insurer’s financial strength and ability to meet its ongoing senior
financial obligations. It is based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and
business profile.
Rating
Descriptor
Definition
aaa
Exceptional
aa
Superior
a
Excellent
bbb
Good
bb
Fair
Assigned to insurance companies that have, in our opinion, a fair ability to meet their ongoing senior financial
obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions.
b
Marginal
Assigned to insurance companies that have, in our opinion, a marginal ability to meet their ongoing senior financial
obligations. Financial strength is vulnerable to adverse changes in underwriting and economic conditions.
ccc, cc
Weak
Assigned to insurance companies that have, in our opinion, a weak ability to meet their ongoing senior financial
obligations. Financial strength is very vulnerable to adverse changes in underwriting and economic conditions.
c
Poor
Assigned to insurance companies that have, in our opinion, a poor ability to meet their ongoing senior financial
obligations. Financial strength is extremely vulnerable to adverse changes in underwriting and economic conditions.
rs
Regulatory
Supervision/
Liquidation
Assigned to insurers placed under a significant form of regulatory supervision, control or restraint - including cease
and desist orders, conservatorship or rehabilitation that prevents conduct of normal, ongoing insurance operations,
or in liquidation by a court of law or by a forced liquidation.
Assigned to insurance companies that have, in our opinion, an exceptional ability to meet their ongoing senior
financial obligations.
Assigned to insurance companies that have, in our opinion, a superior ability to meet their ongoing senior financial
obligations.
Assigned to insurance companies that have, in our opinion, an excellent ability to meet their ongoing senior financial
obligations.
Assigned to insurance companies that have, in our opinion, a good ability to meet their ongoing senior financial
obligations.
Ratings from “aa” to “ccc” may be enhanced with a “+” (plus) or “-” (minus) to indicate whether credit quality is near the top or bottom of a category.
Rating Modifiers
Modifier
Descriptor
u
Under Review
pd
Public Data
Definition
Indicates the rating may change in the near term, typically within six months. Generally is event driven, with positive, negative
or developing implications.
Indicates rating assigned to a company that chose not to participate in A.M. Best’s interactive rating process.
(Discontinued in 2010)
Rating Outlooks
Indicates the potential direction of a Credit Rating over an intermediate term, generally defined as 12 to 36 months.
Positive
Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level.
Negative
Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level.
Stable
Indicates low likelihood of a rating change due to stable financial/market trends.
Not Rated Designation
The Not Rated (NR) designation may be assigned to issuers that are not rated.
Rating Disclosure
When assigned to an insurance company the Issuer Credit Rating opinion addresses the relative ability of an insurer to meet its ongoing senior financial
obligations. The rating is not assigned to specific insurance policies or contracts, or any other financial obligations, and does not address any other risk,
including, but not limited to, liquidity risk, market value risk, 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. The Insurer Issuer Credit Rating
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, or any other financial obligation for a specific purpose or purchaser.
Best’s Issuer Credit Ratings are distributed via press release and/or the A.M. Best Web site at www.ambest.com and are published in the Credit Rating Actions
section of BestWeek®. Best’s Credit Ratings are proprietary and may not be reproduced without permission.
Copyright © 2014 by A.M. Best Company, Inc.
Version 061212
A
M
BEST
®
May 2014
4
GUIDE TO BEST’S FINANCIAL STRENGTH RATINGS
A Best’s Financial Strength Rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and
contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating
performance and business profile.
Financial Strength Ratings
Vulnerable
Secure
Rating
Descriptor
Definition
Assigned to companies that have, in our opinion, a superior ability to meet their ongoing insurance obligations.
Assigned to companies that have, in our opinion, an excellent ability to meet their ongoing insurance
obligations.
Assigned to companies that have, in our opinion, a good ability to meet their ongoing insurance obligations.
A++, A+
Superior
A, A-
Excellent
B++, B+
Good
B, B-
Fair
Assigned to 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.
C++, C+
Marginal
Assigned to 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.
C, C-
Weak
Assigned to 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.
D
Poor
Assigned to 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.
E
Under
Regulatory
Supervision
Assigned to companies (and possibly their subsidiaries/affiliates) 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.
F
In Liquidation
Assigned to companies placed in liquidation by a court of law or by a forced liquidation.
S
Suspended
Assigned to rated companies when sudden and significant events affect their balance sheet strength or
operating performance and rating implications cannot be evaluated due to a lack of timely or adequate
information.
Rating Modifiers
Modifier
Descriptor
u
Under Review
pd
Public Data
s
Syndicate
Definition
Indicates the rating may change in the near term, typically within six months. Generally is event driven, with
positive, negative or developing implications.
Indicates rating assigned to insurer that chose not to participate in A.M. Best’s interactive rating process.
(Discontinued in 2010)
Indicates rating assigned to a Lloyd’s syndicate.
Outlooks
Indicates potential direction of a Financial Strength Rating over an intermediate term, generally defined as 12 to 36 months.
Positive
Indicates possible rating upgrade due to favorable financial/market trends relative to the current rating level.
Negative
Indicates possible rating downgrade due to unfavorable financial/market trends relative to the current rating level.
Stable
Indicates low likelihood of a rating change due to stable financial/market trends.
Not Rated Designation
NR: Assigned to companies that are not rated by A.M. Best.
Rating Disclosure
A Best’s Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not
assigned to specific insurance policies or contracts and do 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. A Best’s Financial Strength Rating 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. In arriving at a rating decision, A.M. Best relies on third-party audited financial data and/or other information
provided to it. While this information is believed to be reliable, A.M. Best does not independently verify the accuracy or reliability of the information.
For additional details, see A.M. Best’s Terms of Use at www.ambest.com.
Best’s Financial Strength Ratings are distributed via press release and/or the A.M. Best Web site at www.ambest.com and are published in the
Actions section of BestWeek®. Best’s Financial Strength Ratings are proprietary and may not be reproduced without permission.
Copyright © 2014 by A.M. Best Company, Inc.
Version 021712
A
M
BEST
®
May 2014
5
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