Articles from AM Best

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb+” (Fair) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). The outlook of the FSR is stable.

AM Best has assigned a Performance Assessment of PA-1 (Exceptional) to Alta Risk, LLC. (Alta), Amwins Accident & Health Underwriters (Amwins A&H), and Unicorn Underwriting Limited (Unicorn) (United Kingdom). The outlook assigned to the Performance Assessment (assessment) is stable. Concurrently, AM Best has affirmed the assessment of PA-1 (Exceptional) of the seven existing affiliates of Amwins Group (Amwins). The outlook of the assessment is stable. All companies are assessed on a consolidated basis as affiliates under Amwins and domiciled in Charlotte, NC, unless otherwise specified. (See below for a detailed list of the affiliates).

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of AuguStar Life Insurance Company (ALIC) and its wholly owned subsidiary, AuguStar Life Assurance Corporation. These companies are referred to as AuguStar Life Group (AuguStar). These companies are the principal insurance subsidiaries of Constellation Insurance, Inc. (Constellation). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of National Security Life and Annuity Company (NSLAC). Lastly, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of Constellation. Finally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of Constellation and ALIC. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Cincinnati, OH. (See below for a detailed listing of the Long-Term IRs.)

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Hiscox Insurance Company (Bermuda) Limited (HIB), Hiscox Insurance Company Limited (HICL) (United Kingdom), Hiscox Insurance Company (Guernsey) Limited (HIG) and Hiscox Insurance Company Inc. (HICI) (Chicago, Illinois, USA). At the same time, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of Hiscox Ltd (Hiscox) (Bermuda), the ultimate non-operating holding company of the Hiscox group of companies. The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of ZhongAn Online P & C Insurance Co., Ltd. (ZhongAn) (China).

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Stonefort Reinsurance S.A. (Stonefort Reinsurance) (Luxembourg), a subsidiary of HOCHTIEF Aktiengesellschaft (HOCHTIEF), a large Germany-based construction company that is majority owned by ACS, Actividades de Construcción y Servicios, S.A. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of StarStone Insurance SE (SISE) (Liechtenstein). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Fubon Insurance Vietnam Co., Ltd. (Fubon Vietnam) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Kansas Medical Mutual Insurance Company and its subsidiary, KAMMCO Casualty Company, Inc. These companies are collectively referred to as Kansas Medical Mutual Group or the group.

AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” (Good) from “a-” (Excellent) of Everen Specialty Ltd. (Everen Specialty) and its affiliate, OCIL Specialty Ltd (OSL). Concurrently, AM Best has downgraded the Long-Term Issue Credit Rating to “bbb-” (Good) from “bbb” (Good) on the $200 million, 8.00% deferrable subordinated debentures, due 2034, of Everen Specialty. The outlook of these Credit Ratings (ratings) has been revised to stable from negative. Both companies are domiciled in Hamilton, Bermuda.

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland). Concurrently, AM Best has upgraded the Long-Term ICR to “bbb” (Good) from “bbb-” (Good) of Greenlight Capital Re, Ltd. (Cayman Islands) (GLRE) [NASDAQ: GLRE], the ultimate holding company. The outlooks of these Credit Ratings (ratings) have been revised to stable from positive.

AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings to “aa-” (Superior) from “a+” (Excellent) of Physicians Mutual Insurance Company and Physicians Life Insurance Company. The outlook of these Credit Ratings (ratings) is stable. The group, collectively referred to as Physicians Mutual Group, is domiciled in Omaha, NE.

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Fubon Insurance Co., Ltd. (Fubon Insurance) (Taiwan).

U.S. private passenger nonstandard auto insurers have kept positive momentum going in first-half 2025 with net underwriting income of $65 million, nearly four times the amount recorded in the same prior-year period, according to a new AM Best report.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the key life/health subsidiaries of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX) [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of Globe Life. AM Best also has affirmed the Short- and Long-Term Issue Credit Ratings (Short-Term IR; Long-Term IR) and the indicative Long-Term IRs on the securities of Globe Life. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings.)

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Spheric Assurance Company, Ltd. (Spheric) (British Virgin Islands).

AM Best has upgraded the Financial Strength Rating to A-(Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of National Farm Life Insurance Company (National Farm Life) (Fort Worth, TX). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the $1.654 billion, 6.00% Series Hannover, No. 1 variable funding credit-linked note (note), due Oct. 1, 2044, of Weston2044 LLC (Weston2044), a Delaware limited liability company (issuer). The outlook of this Credit Rating (rating) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Nacional de Reaseguros, S.A. (Nacional) (Spain). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of GreenStars BNP Paribas S.A. (GreenStars) (Luxembourg), a captive subsidiary of BNP Paribas S.A. (BNP Paribas). The outlook of these Credit Ratings (ratings) is stable.

The introduction of new regulations in certain countries to incentivise companies to form local captives or redomicile existing ones is starting to change the landscape of European captive domiciles, according to AM Best.

Senior AM Best analytical staff will present the credit rating agency’s 2026 outlooks for major insurance segments in an online briefing on Tuesday, Dec. 9, 2025, at 2:00 p.m. EDT. The briefing will provide outlooks for the property/casualty (personal and commercial segments), life/annuity, health, global reinsurance and delegated underwriting authority entities (DUAE) segments.

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” (Good) to the recently issued $300 million of 5.250% senior unsecured notes due Dec. 15, 2035, issued by Unum Group (Unum) (headquartered in Chattanooga, TN) [NYSE: UNM]. The outlook assigned to this Credit Rating (rating) is stable.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Arab War Risks Insurance Syndicate (AWRIS) (Bahrain). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Ørsted Insurance A/S (ORIAS) (Denmark). The outlook of these Credit Ratings (ratings) is stable.

The expiration of enhanced premium tax credits for individual health insurance plans purchased on the Affordable Care Act (ACA) exchange marketplace will lead to higher out-of-pocket premiums and a reduction in member enrollment, according to a new AM Best special report.

AM Best will participate at the 6th annual Association of Southeast Asian Nations (ASEAN) Insurance Summit, which is scheduled for 25 November 2025, at the Sokha Convention Center in Siem Reap, Cambodia.

AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities collectively are referred to as Brighthouse and are operating insurance subsidiaries of Brighthouse Financial, Inc. (Brighthouse Financial) (headquartered in Charlotte, NC) [NASDAQ: BHF].

AM Best is maintaining its stable outlook on New Zealand’s non-life insurance segment, based in part on improving economic conditions, increasing demand for insurance, improved reinsurance capacity and regulatory refinements that have strengthened market discipline. However, offsetting factors include operational challenges and cost pressures flowing from regulatory changes, in addition to ongoing concern around climate risk.

AM Best Director Bridget Maehr will speak at the Insurance Accounting & Systems Association’s (IASA) Pacific Northwest Fall Conference, which will take place on Nov. 14, 2025, in Seattle.

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good) to NPA Insurance Limited (NPAI) (United Kingdom). The outlook assigned to these Credit Ratings (ratings) is stable.

A hardening of traditional insurance markets and market dislocations have led to the rise in newly established reciprocal insurance exchanges, particularly in catastrophe-exposed homeowners’ insurance markets, according to a new AM Best report.

AM Best is maintaining its stable outlook on the New Zealand life insurance segment, based in part on improving economic conditions, ongoing regulatory refinements that support market discipline, digitalisation efforts and robust capital adequacy levels among its insurers.

AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bbb” (Good) of The Group Insurance Trust of the California Society of Certified Public Accountants (CalCPA Health) (San Mateo, CA). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Industrial Alliance Pacific General Insurance Corporation (IAPG) (headquartered in Vancouver, Canada). Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Dealers Assurance Company (DAC) (Columbus, OH). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the key life/health insurance and annuity operating subsidiaries of Wilton Re Ltd. (WRL) (Nova Scotia, Canada), collectively referred to as Wilton Re. AM Best also has affirmed the Long-Term ICR of “a-” (Excellent) of WRL. The outlook of these Credit Rating (ratings) is stable. (See below for a detailed listing of these companies and ratings).

The November issue of Best’s Review examines workers’ compensation as well as trends in property claims:

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of General Reinsurance Corporation (headquartered in Stamford, CT) and its core property/casualty (P/C) and life (re)insurance subsidiaries operating in the United States and internationally. These companies collectively are known as General Re Group (Gen Re). (Please see below for a detailed listing of these companies and Credit Ratings [ratings].) In addition, AM Best has affirmed the Long-Term ICR of “aa+” (Superior) of General Re Corporation (Delaware). The outlook of these ratings is stable.

Video playback is now available for a complimentary webinar titled “Confronting Legal System Abuse: Risks, Impacts and the Insurance Industry Response,” hosted by AM Best and sponsored by Munich Re US. Access it here.

AM Best has upgraded the Performance Assessment (assessment) to PA-2 (Excellent) from PA-3 (Strong) of Corin Underwriting Limited (Corin) (United Kingdom) and its wholly owned subsidiary, Corin Underwriting (Europe) GmbH (Corin Europe) (Germany). The outlook of the assessment is stable.

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Société Nationale d'Assurance (SAA) (Algeria). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned the Algeria National Scale Rating (NSR) of “aaa.DZ” (Exceptional) to SAA. The outlook assigned to the NSR is stable.

AM Best has placed under review with positive implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Louisiana Farm Bureau Mutual Insurance Company (Louisiana Farm Bureau) (Baton Rouge, LA).

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the members of Nationwide Property and Casualty Group (Nationwide P&C Group). Concurrently, AM Best has affirmed the FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) of Nationwide Life Insurance Company and its subsidiaries, Nationwide Life and Annuity Insurance Company and Jefferson National Life Insurance Company. These companies are the key life/annuity subsidiaries of Nationwide Financial Services Inc. (NFS) and collectively known as Nationwide Life Group.

AM Best has assigned indicative Long-Term Issue Credit Ratings of “a-” (Excellent) to senior unsecured issues, “bbb+” (Good) to subordinated issues, and “bbb” (Good) to preferred stock to the recently filed shelf registration of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX:FFH]. The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings on the previous shelf registrations, which expired. The existing ratings of Fairfax and its insurance subsidiaries are unchanged.

AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) to Zhibao Labuan Reinsurance Company Limited (Zhibao Re) (Malaysia). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of “bb” (Fair) of Tower Bonding and Surety Co., Inc. (Tower Bonding) (San Juan, PR). The outlook of the FSR is stable.

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Shenandoah Life Insurance Company (Roanoke, VA), SBLI USA Life Insurance Company, Inc. (New York, NY), Prosperity Life Assurance Limited (Bermuda) and S.USA Life Insurance Company, Inc. (Phoenix, AZ), following their completed acquisition by JAB Holding Company s.à.r.l. (JAB). The acquired companies are collectively referred to as Prosperity Life Group (Prosperity).

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Central States Indemnity Co. of Omaha (CSI), and its subsidiary, CSI Life Insurance Company (CSI Life), collectively referred to as CSI. The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Omaha, NE.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Lancashire Insurance Company Limited (Hamilton, Bermuda) and Lancashire Insurance Company (UK) Limited (United Kingdom) (collectively referred to as Lancashire). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) of the parent company, Lancashire Holdings Limited (Hamilton, Bermuda). The outlook of these Credit Ratings (ratings) is stable.

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

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of HDFC International Life and Re Company Limited (HDFC) (United Arab Emirates), a subsidiary of HDFC Life Insurance Company Limited, which in turn is majority held by HDFC Bank Limited. The outlook of these Credit Ratings (ratings) is stable.

AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of ICM Assurance Ltd (ICMA) (Barbados). The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR is stable. ICMA is a single-parent captive insurer, wholly owned by CNOOC International Limited, which is in turn wholly owned by CNOOC Limited (CNOOC), the ultimate parent.

AM Best has commented that the Credit Ratings (ratings) of Palomar Holdings, Inc. (Palomar) (Delaware) [NASDAQ: PLMR], the ultimate parent and insurance holding company of Palomar Specialty Insurance Company (PSIC) (Portland, OR), Palomar Excess and Surplus Insurance Company (PESIC) (Phoenix, AZ), Palomar Specialty Reinsurance Company Bermuda Ltd. (Palomar Re) (Bermuda) and First Indemnity of America Insurance Company (FIA) (Morris Plains, NJ) remain unchanged following the Oct. 30, 2025 announcement that Palomar entered into a definitive agreement with Bernhard Capital Partners (the ultimate parent of The Gray Casualty & Surety Company {Gray}). Per the agreement, Palomar will purchase Gray with the transaction expected to close in the first half of 2026.

AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The Gray Casualty & Surety Company (Gray) (Metairie, LA).

AM Best has revised the outlook to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Michigan Millers Mutual Insurance Company (Michigan Millers) (Lansing, MI).

Rating change activity in the U.S. life/health segment was noticeably lower in the first half of 2025, with downgrades also decreasing compared with the same prior-year period, according to a new AM Best special report.

As part of its participation at the 2025 Singapore International Reinsurance Conference (SIRC), AM Best has made available for the first time analyses of 16 countries in the Asia-Pacific region, encompassing markets with varying degrees of development and growth potential.

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Golden Tree Reinsurance Limited (Golden Tree) (Bermuda). The outlook of the FSR is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) and the Mexico National Scale Rating of “aaa.MX” (Exceptional) of Reaseguradora Patria, S.A. (Patria Re) (Mexico). AM Best also has affirmed the Long-Term ICR of “bbb” (Good) of Patria Re’s ultimate parent, Peña Verde, S.A.B. (Peña Verde) (Mexico). The outlook of these Credit Ratings (ratings) is stable. Per AM Best’s criteria procedure on insurance holding companies, Peña Verde’s rating reflects a standard notching from Patria Re’s Long-Term ICR.

In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage:

AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Labuan Reinsurance (L) Ltd (Labuan Re) (Malaysia). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Eni Insurance S.p.A. (EIS) (Italy), a captive of Eni S.p.A. (Eni), a multinational energy company based in Italy. The outlook of these Credit Ratings (ratings) is stable.

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Erie and Niagara Insurance Association (Erie & Niagara). The outlook of the FSR is stable. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Cherry Valley Cooperative Insurance Company (Cherry Valley). The outlook of these Credit Ratings (ratings) is stable. Both companies are domiciled in Williamsville, NY.

AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “aaa” (Exceptional) on the $74,646,000 Class A-1 8.00% Fixed Rate Asset Backed Notes, Series 2008-3 and the $9,389,000 Class A-2 8.00% Fixed Rate Asset Backed Notes, Series 2008-3 as well as the Long-Term IR of “a” (Excellent) on the $4,695,000 Class B 10.00% Fixed Rate Asset Backed Notes, Series 2008-3, issued by 321 Henderson Receivables V LLC (the issuer), a special purpose Nevada limited liability company. The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of R.V.I. Guaranty Co., Ltd. (RVI Guaranty) (Bermuda), and its subsidiary, R.V.I. America Insurance Company (RVI America) (Delaware) (collectively known as RVI). The outlook of these Credit Ratings (ratings) is stable.

AM Best has affirmed the Performance Assessment (assessment) of PA-2 (Excellent) of Delta Insurance New Zealand Limited (New Zealand) and Delta Underwriting Private Limited (Singapore). The companies are assessed on a consolidated basis under their parent, Delta International Limited (Delta). The outlook of the assessment is stable.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of KB Insurance Co., Ltd. (KBI) (South Korea). The outlook of these Credit Ratings (ratings) is stable.

AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the insurance subsidiaries of Starr International Company, Inc. (SICO) (Switzerland) remain unchanged following its announced acquisition of the IQUW group. The outlook of these Credit Ratings (ratings) is stable. These ratings apply to the members of Starr International Group (SIG) (New York, NY) and Starr Insurance & Reinsurance Limited (SIRL) (Bermuda), collectively referred to as Starr. (See below for a detailed listing of the companies and ratings.)

AM Best is pleased to welcome representatives from Delta Insurance and the Financial Markets Authority (FMA) as guest speakers at its annual New Zealand market briefing, scheduled for Thursday, 13 November 2025, in Auckland.

AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of IQUW Re Bermuda Limited (IQUW Re) (Bermuda). IQUW Re is a wholly owned subsidiary of IQUW Holdings Bermuda Limited (IQUW), the ultimate holding company of the IQUW group. In addition, AM Best has placed under review with positive implications the Long-Term Issue Credit Rating of “bbb-” (Good) on $170 million senior unsecured notes, due 2035, issued by IQUW.

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mercantil Reaseguradora Internacional, S.A. (Mercantil Re) (Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best has maintained the under review with negative implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NASW Insurance Company (NASWIC) (Washington, D.C.).

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Olé Insurance Group Corp I.I. (Olé Insurance) (San Juan, Puerto Rico). The outlook of these Credit Ratings (ratings) is stable.

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