TMCnet News

A.M. Best Removes from Under Review with Developing Implications and Affirms Credit Ratings of Certain Newly Acquired Members of AIG Property Casualty US Insurance Group
[September 21, 2018]

A.M. Best Removes from Under Review with Developing Implications and Affirms Credit Ratings of Certain Newly Acquired Members of AIG Property Casualty US Insurance Group


A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Western World Insurance Company (Western World), Tudor Insurance Company (Tudor) and Stratford Insurance Company (Stratford). Western World, Tudor and Stratford are domiciled in New Hampshire. The outlook assigned to these Credit Ratings (ratings) is stable.

These rating actions follow the close of American International Group, Inc.'s (AIG) [NYSE: AIG] acquisition of Validus Holdings, Ltd. and its subsidiaries in July 2018 and the successful execution of related reinsurance agreements. The ratings of the members of the AIG Property Casualty US Insurance Group (AIG PC US) have been extended to Western World, Tudor and Stratford due to the significant level of reinsurance support provided to each by National Union Fire Insurance Company of Pittsburgh, Pa., the lead member of AIG PC US. The ratings of the other members of the AIG PC US group are not affected by the aforementioned rating actions. The ratings of Western World, Tudor and Stratford reflect the balance sheet strength of the members of AIG PC US, which A.M. Best categorizes as strongest, as well as the group members' marginal operating performance, favorable business profile and appropriate enterprise risk managment.



This press release relates to Credit Ratings that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.


Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


[ Back To TMCnet.com's Homepage ]